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Arizona Gov. Katie Hobbs signs bill to repeal 1864 ban on most abortions
Democratic Arizona Gov. Katie Hobbs has relegated a Civil War-era ban on most abortions to the past by signing a repeal bill Thursday.
Hobbs says the move is just the beginning of a fight to protect reproductive health care in Arizona. But the repeal may not take effect until 90 days after the end of the legislative session, in June or July. Abortion rights advocates hope a court will step in to prevent that outcome.
The effort to repeal the long-dormant law, which bans all abortions except those done to save a patient’s life, won final legislative approval Wednesday in a 16-14 vote of the Senate, as two GOP lawmakers joined with Democrats.
Hobbs denounced “a ban that was passed by 27 men before Arizona was even a state, at a time when America was at war about the right to own slaves.”
“This ban needs to be repealed, I said it in 2022 when Roe was overturned, and I said it again and again as governor,” Hobbs said.
The vote extended for hours as senators described their motivations in personal, emotional and even biblical terms — including graphic descriptions of abortion procedures and amplified audio recordings of a fetal heartbeat, along with warnings against the dangers of “legislating religious beliefs.”
At the same time Wednesday, supporters of a South Dakota abortion rights initiative submitted far more signatures than required to make the ballot this fall, while in Florida a ban took effect against most abortions after six weeks of pregnancy, before many people even know they are pregnant.
Democratic Arizona Attorney General Kris Mayes, an opponent of the near-total abortion ban, has said the earliest the dormant abortion-ban law could be enforced is June 27, though she has asked the state’s highest court to block enforcement until sometime in late July. But the anti-abortion group defending the ban, Alliance Defending Freedom, maintains county prosecutors can begin enforcing it once the Supreme Court’s decision becomes final, which hasn’t yet occurred.
The near-total ban provides no exceptions for survivors of rape or incest. In a ruling last month, the Arizona Supreme Court suggested doctors could be prosecuted under the law first approved in 1864, which carries a sentence of two to five years in prison for anyone who assists in an abortion.
A repeal means that a 2022 statute banning the procedure after 15 weeks of pregnancy would become Arizona’s prevailing abortion law.
Arizona Rep. Stephanie Stahl Hamilton, a Democrat who has been key in the fight to repeal the territorial abortion ban, said she spent her early years on the Navajo Nation where her parents were schoolteachers and saw firsthand people being denied their reproductive rights.
She also watched her sister-in-law struggle with two difficult pregnancies that resulted in stillbirths.
“My daughter, who is 17 years old, should this law go in effect, would have less reproductive freedoms than her great-grandmother in 1940 and Texas, who had to have an abortion,” Stahl Hamilton said. “We have people who need reproductive care now.”
President Biden’s campaign team believes anger over the fall of Roe v. Wade gives them a political advantage in battleground states like Arizona, while the issue has divided Republican leaders.
Abortion-ban advocates in the Senate on Wednesday gallery jeered and interrupted state Republican state Sen. Shawnna Bolick as she explained her vote in favor of repeal, joining with Democrats. Bolick is married to state Supreme Court Justice Clint Bolick, who voted in April to allow a 1864 law on abortion to be enforced again. He confronts a retention election in November.
The 19th century law had been blocked since the U.S. Supreme Court’s 1973 Roe v. Wade decision guaranteed the constitutional right to an abortion nationwide.
After Roe v. Wade was overturned in June 2022, then-Arizona Attorney General Mark Brnovich, a Republican, persuaded a state judge that the 1864 ban could be enforced. Still, the law hasn’t actually been enforced while the case was making its way through the courts.
Planned Parenthood Arizona filed a motion Wednesday afternoon that asks the state Supreme Court to prevent a pause in abortion services until the Legislature’s repeal takes effect.
Advocates are collecting signatures for a ballot measure allowing abortions until a fetus could survive outside the womb, typically around 24 weeks, with exceptions — to save the parent’s life, or to protect her physical or mental health.
Republican lawmakers, in turn, are considering putting one or more competing abortion proposals on the November ballot.
Dr. Ronald Yunis, a Phoenix-based obstetrician-gynecologist who also provides abortions, called the repeal a positive development for patients who might otherwise leave Arizona for medical care.
“This is good for ensuring that women won’t have to travel to other states just to get the health care they need,” Yunis said. “I was not too concerned because I have a lot of confidence in our governor and attorney general. I’m certain they will continue finding ways to protect women.”
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Are gold ETFs a good investment now that the price is dropping?
Gold has long served as a safe-haven asset for investors during times of economic uncertainty and market volatility, which is a large part of why it has been so popular over the past year. Thanks to that uptick in gold interest, the price of gold has been climbing throughout much of 2024 — hitting multiple record highs and surpassing $2,700 per ounce at one point late in the year. That price trend has been shifting lately, though, and over the last few weeks, there have been significant fluctuations in gold prices, with the price of gold dropping over the last few days in particular.
With gold’s price currently sitting at under $2,650 per ounce, today’s lower price is prompting many investors to reassess their positions in gold-related investments — including gold exchange-traded funds (ETFs). These investment vehicles, which track the price of gold without requiring physical ownership of the precious metal, have become increasingly popular among retail and institutional investors alike. Much of the appeal of gold ETFs lies in their simplicity and accessibility. Unlike physical gold, these funds can be easily bought and sold through standard brokerage accounts, offering investors a convenient way to gain exposure to gold price movements.
But while the current price dip could present a good opportunity to buy into gold at a discount, it makes sense to remain cautious about any type of investment right now. So is investing in gold ETFs still a good strategy now that the price of gold is slipping?
Find out how to add gold to your portfolio today.
Are gold ETFs a good investment now that the price is dropping?
When gold prices drop, it can create opportunities for investors to buy at a lower cost, potentially increasing their returns if prices rebound. Gold ETFs provide an easy way to capitalize on this strategy. Unlike physical gold, ETFs can be traded on stock exchanges just like equities, offering liquidity and convenience. They also eliminate the need for storage and security concerns associated with owning physical gold.
There are also a few other reasons to consider investing in gold ETFs despite the current price drops. For starters, gold ETFs offer an efficient way to implement dollar-cost averaging during price dips. By regularly investing fixed amounts, investors can potentially lower their average purchase price over time. This strategy can be particularly effective during periods of price volatility, allowing investors to accumulate positions at various price points.
And while gold prices may be dipping now, it’s unlikely that today’s lower prices will remain the status quo over the longer term. Gold prices have historically rebounded and grown over longer time horizons, so while the current price may be lower than it was a few weeks ago, it could represent a good entry point for long-term investors. That’s particularly true if the fundamental factors supporting gold prices remain intact, such as inflation concerns, currency devaluation risks and global economic uncertainties.
However, investors should consider that there are risks to investing in gold ETFs. One issue is that gold ETFs are subject to market volatility and may not provide immediate returns — so it’s important to make any investing decision based on your unique investment goals and strategy. Gold also generates no income or dividends, making it a pure price appreciation play. The opportunity cost of holding gold ETFs also becomes more significant in high-rate environments where yield-generating investments become more attractive.
Diversify your investments by adding gold to your portfolio now.
Who should invest in gold ETFs now?
While investing in gold ETFs may not make sense for all investors right now, it could be particularly suitable for certain types. For example, investors who need to diversify their portfolios may find gold ETFs attractive, as gold has historically shown a low correlation with traditional asset classes like stocks and bonds. So, the current price drop could present an opportunity to achieve portfolio diversification at more favorable prices.
Risk-conscious investors who are looking to hedge against inflation, currency risks or geopolitical uncertainties might also want to consider adding gold ETF exposure. After all, with the uptick in inflation over the last few months, gold’s historical role as a store of value remains relevant right now, despite the potential for short-term price volatility. Long-term investors might also find current prices attractive in terms of building strategic positions.
However, short-term traders and income-focused investors may want to exercise caution when it comes to gold ETFs. Gold’s price volatility can make short-term trading challenging, while the lack of yield may not align with income-oriented investment objectives.
The bottom line
The current drop in gold prices presents an intriguing opportunity for investors who are interested in gold ETFs, but it’s essential to weigh the potential risks and rewards of this type of gold investing carefully. Gold ETFs offer a convenient and liquid way to gain exposure to gold, making them a viable option for many investors, but they are just one of several ways to invest in this precious metal. Whether or not gold ETFs are the right choice for you will ultimately depend on your investment objectives, risk tolerance and overall portfolio strategy, so before you buy in, do your homework to make sure your decision aligns with your long-term goals.
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