News
Ventura County farmer admits to illegal water usage
A prominent Ventura County farmer and former board member of a local water agency has pleaded guilty to one felony count of grand theft of water.
Daniel Conklin Naumann, the owner and operator of Naumann Family Farms in Oxnard, admitted to pumping groundwater valued at $29,301 between 2019 and 2021 without paying the required fees to the Fox Canyon Groundwater Management Agency. This information was disclosed in a news release from the Ventura County district attorney.
Naumann, who served as an elected board member of the United Water Conservation District and as an alternate board member of the Fox Canyon agency, recently resigned from his position at the United district.
An investigation conducted by the Ventura County Sheriff’s Office uncovered the installation of diversion bypasses on two commercial water pumps used to irrigate Naumann’s crops. These bypasses redirected water before it reached the flow meters that measure usage for billing purposes.
Dist. Atty. Erik Nasarenko emphasized the severity of water theft, stating, “Stealing water is a serious crime. This felony conviction holds the defendant accountable for his conduct and sends a clear message that evading fees and illegally diverting water will result in criminal consequences.”
The district attorney’s office initially filed charges against Naumann for felony counts of grand theft and theft of utility services back in August.
Mark Pachowicz, the attorney representing Naumann, has declined to make any comments on the case.
The Naumann family has been longstanding figures in Ventura County agriculture, recognized as farming pioneers in the region. They immigrated from Germany in the late 1800s, initially farming sugar beets and lima beans before transitioning to citrus and row crops.
Ventura County’s agricultural industry was reported to be valued at over $2.1 billion in 2022, according to the agricultural commissioner’s office.
In a video from 2017 posted by the United Water Conservation District, Naumann spoke about the critical importance of water management in the region, emphasizing the need to use water wisely and efficiently to sustain agriculture.
Naumann is set to be sentenced on May 24 and has been released on his own recognizance. It is anticipated that he will receive a 30-day sentence in Ventura County Jail, be required to pay full restitution, and be placed on probation for two years, as per the district attorney’s statement.
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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Is now the right time to invest in gold as prices have cooled?