News
Did Krekorian’s office overstep boundaries by sending an email in support of a candidate?
Los Angeles City Council President Paul Krekorian made headlines on Wednesday when his office sent out an email endorsing a candidate in the primary election. The email, sent from a city email account, expressed support for former Assemblyman Adrin Nazarian, who is running to succeed Krekorian in the Second District of the east San Fernando Valley.
In the email, Krekorian praised Nazarian’s experience, vision, ability, and record of integrity in public service. The statement also congratulated Krekorian’s City Council colleagues who were leading in their respective races. However, the use of a city email account to support a political candidate raised questions about potential violations of city ethics laws.
City officials are prohibited from using city resources, including staff and email accounts, for political activities such as supporting candidates in elections. Violations of these laws can result in fines of up to $5,000. When asked about the email, Krekorian defended it, stating that he did not intend for it to be a campaign message and that expressing support for a candidate is not the same as campaigning.
Krekorian’s communications director, Hugh Esten, wrote the statement at the council president’s instruction. Despite Krekorian’s assertion that the email did not violate ethics laws, the Ethics Commission may still investigate the matter and take action if necessary. Krekorian himself served on the commission in the past, adding another layer of complexity to the situation.
This incident brings to mind a similar situation in 2015 when then-Mayor Eric Garcetti’s office had to retract an email endorsing presidential candidate Hillary Clinton that was sent from a city email account. The endorsement was later sent out by Garcetti’s campaign consultant to avoid violating ethics rules.
In the world of politics, the line between official duties and political campaigns can easily blur. City officials must be vigilant in adhering to ethics laws and ensuring that they do not misuse city resources for personal or political gain. The Krekorian email controversy serves as a reminder of the importance of maintaining transparency and accountability in government.
As the election season continues and candidates vie for positions of power, it is crucial for public officials to uphold ethical standards and avoid even the appearance of impropriety. The Ethics Commission may ultimately determine whether Krekorian’s email crossed a line, but the incident underscores the need for clear guidelines and consequences for violating them.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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