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Trump reigns supreme at Michigan G.O.P. Convention amidst party chaos
Former President Donald J. Trump solidified his hold on the Republican delegates in Michigan during a contentious convention over the weekend. The event, which took place at the Amway Grand Plaza in Grand Rapids, Michigan, showcased Mr. Trump’s commanding lead over his rival, former Gov. Nikki Haley of South Carolina.
Mr. Trump secured at least 90 percent of the vote in most of the state’s congressional districts, clinching 39 delegates to add to the 12 he won in the primary. Meanwhile, Ms. Haley managed to walk away with only four delegates, highlighting Mr. Trump’s unyielding popularity within the party.
Despite the clear victory for Mr. Trump, the convention was marred by internal discord within the Michigan Republican Party. A bitter dispute over the party’s leadership spilled over into the proceedings, leading to the exclusion of approximately 200 Republican members from various counties. Two factions boycotted the event altogether, organizing breakaway conventions in Houghton Lake and Battle Creek.
The rift stemmed from the removal of Kristina Karamo as the state party’s chairwoman, a move that sparked controversy and division among party loyalists. Supporters of Ms. Karamo, including delegate Ernest Dugan from Saginaw County, expressed outrage over what they perceived as a power struggle within the party.
The tension between the factions was palpable, with some attendees openly showing dissent towards the newly appointed chairman, Pete Hoekstra. Despite attempts to downplay the internal turmoil, Mr. Hoekstra faced backlash from disaffected members who viewed the leadership change as unjust and divisive.
The convention also saw a poignant moment when a delegate suffered a medical emergency, underscoring the intensity of the political climate within the party. Mr. Trump’s overwhelming support among the delegates further underscored his influence on Michigan’s Republican landscape.
While the breakaway factions attempted to challenge the legitimacy of the convention, Mr. Trump’s endorsement of Mr. Hoekstra as chairman lent credibility to the proceedings. Delegates grappled with conflicting loyalties, as some expressed support for Ms. Karamo while remaining steadfast in their admiration for Mr. Trump.
In the midst of the turmoil, the Michigan Republican Party faces a critical juncture as it seeks to rally behind a unified leadership. The outcome of the convention reflects the broader challenges facing the party as it navigates internal strife and external pressure in a pivotal battleground state.
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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