News
World Champion Boxer Loses Pension Records in California
Paul Banke, a former super-bantamweight world champion boxer, found himself in desperate need of the pension he believed California owed him. Battling cancer and forced to sell his car during the pandemic, Banke had repeatedly sought his pension from California’s retirement system for boxers. However, the California State Athletic Commission had denied his eligibility for years.
After numerous inquiries from The Times, it was revealed that the commission had lost Banke’s pension records. As a result, they voted to pay him a lump sum of $21,000, approximating the average payouts over the past three years. Andy Foster, the commission’s executive officer, acknowledged the uncertainty surrounding the amount but deemed it the fairest solution given the circumstances.
While the commission deemed Banke’s case as likely an isolated incident, they could not rule out the possibility of other boxers being affected. The revelation came following The Times’ continuous inquiries into Banke’s denied pension and a previous investigation that exposed shortcomings in the pension program.
The mishandling of Banke’s pension records was traced back to the overhaul of the California Professional Boxers’ Pension Plan in the 1990s, where records like his were not properly transferred. Banke, known for his victory over Daniel Zaragoza in 1990 to clinch a World Boxing Council title, currently resides in Pasadena surviving on Social Security disability insurance. The pension payout will enable him to purchase a much-needed vehicle.
The California retirement system for boxers, funded via an 88-cent-per-ticket fee, was established in 1982 to offer financial security to retired fighters. Over $4.5 million has been disbursed to 265 retired boxers, with an average pension of $17,000. Despite the payout efforts, only a fraction of eligible boxers have claimed their pensions, as revealed by The Times’ analysis of commission documents.
Following The Times’ investigation, the commission pledged to intensify efforts in locating and informing retired boxers about their pensions. This led to a record number of payouts last year, although the overall uptake remained low among eligible recipients. Banke’s persistence in seeking clarity from the commission, guided by friends and prompted by The Times’ coverage, underscored the systemic issues plaguing the pension program.
Hector Lizarraga, a fellow champion boxer, emphasized Banke’s status as a former world champion and deemed the situation unacceptable. Foster, while acknowledging the possibility of other affected boxers, expressed doubts about similar cases. Despite the commission’s efforts to rectify the situation, concerns linger about the effectiveness of the pension program in fulfilling its mandate.
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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