News
Federal Disaster Declaration Granted for California February Storms
President Biden has granted California’s request for a federal disaster declaration to aid in the recovery efforts following a series of February storms that brought historic rainfall and snowfall across the state, resulting in multiple fatalities, as announced by officials on Sunday.
Nine California counties, including Butte, Glenn, Los Angeles, Monterey, San Luis Obispo, Santa Barbara, Santa Cruz, Sutter, and Ventura, will benefit from federal assistance through this declaration. The funding will also support statewide hazard mitigation initiatives, according to officials.
“This declaration provides additional resources for local communities throughout California as they recover from the widespread impacts of these storms,” stated Governor Gavin Newsom, expressing gratitude towards the Biden administration for their support.
At least 11 individuals lost their lives due to the severe weather conditions, which caused extensive flooding, power outages, school closures, and infrastructural damage, as outlined in Newsom’s request for the disaster declaration.
The storms in San Luis Obispo County resulted in damage to firehouse bay doors, the roof, gutters of the Grover Beach Police Department, and the Cayucos Pier. In Santa Barbara County, high winds caused property damage, while rain overwhelmed water diversion channels, leading to destruction and threats of flooding.
Ventura County experienced flooding that impacted roads, bridges, levees, and park facilities, as well as inundating the Ventura Wastewater Facility. Los Angeles County witnessed numerous debris flows and damage to the Hyperion Water Reclamation Plant, causing sewage overflow and operational challenges.
In Santa Cruz County, heavy winds caused infrastructure damage, while Monterey County dealt with silt and debris accumulation in stormwater systems. Butte and Glenn Counties also faced challenges with downed trees and infrastructure damage from the storms.
The federal disaster declaration will offer much-needed support to these counties as they work towards recovery and rebuilding efforts to restore normalcy in the aftermath of the destructive weather events. Collaborative efforts between local, state, and federal agencies will be crucial in addressing the immediate and long-term needs of affected communities.
As California continues to navigate the impacts of climate change and extreme weather events, proactive measures in disaster preparedness and mitigation will be essential to safeguarding lives and property in the face of future challenges.
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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