News
Federal judge demands independent review of Los Angeles homeless programs
In a landmark decision, Federal Judge David O. Carter has ordered a comprehensive independent audit of all homelessness programs funded or operated by the city of Los Angeles. This ruling comes as a result of a lawsuit filed by the LA Alliance for Human Rights, a group representing business owners and residents who alleged that the city and county had failed in their duty to address the growing homelessness crisis.
The audit, which was agreed to in principle by city officials earlier this month, is part of a settlement between the parties involved in the lawsuit. Judge Carter’s order calls for complete transparency in reviewing every homelessness assistance program and initiative funded or conducted by the City of Los Angeles. This includes not only a review of shelter programs, but also programs like Mayor Karen Bass’ Inside Safe initiative and the city’s controversial anti-camping law.
During negotiations, the scope of the audit expanded to cover a wide range of subjects, including the effectiveness of city funds in reducing homelessness, the success of service providers, and the prevention of double-counting individuals receiving housing and services. The agreement specifies 31 subjects that the audit should cover, ensuring a thorough examination of all aspects of the city’s homelessness programs.
Judge Carter was instrumental in securing an agreement for an outside audit, emphasizing the importance of accountability and transparency in addressing the homelessness crisis. The audit will analyze city expenditures and the use of public funds, including funds from various sources intended to assist individuals experiencing homelessness. The goal is to assess the impact of these programs on homeless individuals and their ability to access essential services like behavioral health care and substance use treatment.
Mayor Bass committed to posting all invoices for homeless services, along with supporting documentation, on a public website to ensure transparency and accountability. The judge stressed the importance of public oversight in the audit process, emphasizing that the community should have access to information about how public funds are being used to address homelessness.
The audit will be carried out by three outside auditor candidates selected by the parties involved in the lawsuit, with presentations scheduled for the upcoming court hearing on April 4th. This independent audit will provide a comprehensive evaluation of the city’s homelessness programs and initiatives, shedding light on their effectiveness and impact on the homeless population in Los Angeles.
Overall, Judge Carter’s decision to order an outside audit of L.A.’s homeless programs marks a significant step towards accountability and transparency in addressing the homelessness crisis. By holding the city accountable for its actions and expenditures, this audit will help ensure that public funds are being used effectively to assist individuals experiencing homelessness and promote long-term solutions to this pressing issue.
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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