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Former California lawmaker Alan Sieroty passes away; remembered for contributions to creation of the Coastal Commission
Former state Sen. Alan G. Sieroty, a Democrat from Beverly Hills who championed disability rights and efforts to protect California’s coast, died Saturday at the age of 93. Sieroty passed away of natural causes at his home in Los Angeles, surrounded by his family, according to his niece Eve Meltzer and longtime friend Evan Kaizer.
Sieroty, whose family founded the Eastern Columbia department store chain, had a notable political career. He was elected to the California state Assembly in 1966 and served until 1977, when he was elected to the state Senate.
“He was just a brilliant legislator in a time when you could actually work across the aisle to get things done,” said Kaizer, president and CEO of the Sieroty Co., a Southern California real estate firm for which Sieroty served as chairman of the board.
“He authored over 100 bills,” Kaizer said. “He was responsible for so many important environmental pieces of legislation.”
One of Sieroty’s most impactful accomplishments was his role in the initiative and legislation that led to the creation of the California Coastal Commission, according to Kaizer.
“One of the things that brought Alan incredible pleasure was being at the beach … and seeing people enjoy the beach and knowing that he had a little small place in creating those open spaces,” Kaizer said.
When Sieroty retired from the Senate in 1982, the California Legislature honored him by naming a state beach in Tomales Bay State Park in Marin County after him.
Sieroty was also known for his love of art and jazz music. In the days before he passed away, he enjoyed listening to George Gershwin’s “Rhapsody in Blue,” as shared by his niece. Kaizer also mentioned Sieroty’s generosity in sharing his love of jazz by giving out copies of new albums to friends and family.
Aside from his political career, Sieroty served on the boards of several nonprofits, including the American Civil Liberties Union Foundation of Southern California and the Venice Family Clinic. Recently, he and his family collaborated with the homelessness services nonprofit L.A. Family Housing to repurpose a former motel into a temporary housing facility for unhoused seniors named the Sieroty.
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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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