The Other McCain

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You Should’ve Listened to Glenn Beck

Posted on | November 11, 2010 | 20 Comments

Back in May, Rep. Anthony Weiner (D-N.Y.) made himself political point-man for a left-wing attack on Goldline — which just coincidentally happens to be one of Glenn Beck’s few remaining advertisers. (Beck’s show is the No. 1 cable news program in its time slot, but has lost advertising revenue because of the Left’s vitriolic boycott campaign.)

Weiner said that Goldline “takes advantage of fears about President Barack Obama’s stewardship of the economy — which are stoked by its stable of paid conservative endorsers including Beck, Mark Levin, Laura Ingraham and Fred Thompson — ‘to cheat consumers.'”

What Weiner and his allies on the Left were saying is that, because Goldline advertised on Beck, it was wrong for Beck to tell his viewers that gold is a wise investment in a time of economic instability. But I advised:

Everybody Should Buy Gold, Even If
Glenn Beck Gets Paid to Tell You So

Gold was then selling at $1,192 an ounce. And now? How does $1,399 an ounce sound to you?

So if you had listened to Glenn Beck and bought gold in May — when Anthony Weiner was telling you that Beck was part of a scheme “to cheat consumers” — your investment would have made you a profit of 17.4% in six months. And check out the news today:

Gold gained in New York as European debt concerns spurred demand for a protection of wealth and as faster inflation in China boosted demand for commodities.
Gold futures climbed to a record $1,424.30 an ounce on Nov. 9 on concern that some European governments may struggle to raise funds. Portuguese and Spanish government bonds declined on mounting concern that nations on Europe’s periphery will be forced to restructure their debt. All six main industrial metals on the London Metal Exchange gained after China’s inflation reached a two-year high.
“The re-emergence of sovereign risk should ultimately help the yellow metal,” Edel Tully, an analyst at UBS AG in London, said in a report. “Rising inflation is one of the single biggest factors driving China’s appetite for gold.”

Did you catch that? Now the Chinese are buying gold.

Maybe they’re watching Glenn Beck in Beijing.

UPDATE: Malice or incompetence? “It’s almost as if the Feds are purposely trying to destroy our currency. That, or they have no clue what they’re doing.”

UPDATE II: Five weeks ago, I suggested that rising stock market indexes were actually a reflection of inflation: Stocks were going up in dollar amounts, because the dollar was losing value. Now, via Instapundit:

“By pushing the dollar down 15%, the Fed managed to goose the S&P 500 by 19% since June 1. Stated that way, the leap in stocks can be seen as mostly the result of the Fed’s eradication of the dollar’s purchasing power. Priced in wheat, which has soared 71% since June, then the U.S. stock market has woefully underperformed.”

In the long run, markets cannot be deceived.

UPDATE: Welcome, Ace of Spades HQ Morons. And I mean “moron” as a compliment, having done quite a bit of commenting there over the years, occasionally under such pseudonyms as “Chuck Norris’ Left Testicle.”

Category: China, Economics, Glenn Beck

Comments

20 Responses to “You Should’ve Listened to Glenn Beck”

  1. Mpw280
    November 11th, 2010 @ 11:22 am

    The Chinese have been buying gold and silver for several years, both as individuals and as a government. mpw

  2. mike
    November 11th, 2010 @ 9:02 pm

    “Beck’s show is the No. 1 cable news program in its time slot, but has lost advertising revenue because of the Left’s vitriolic boycott campaign.”

    While we’re on the subject, I’m astounded by how little attention was paid to the effort of Van Jones’ racist “Color of Change” group to scare off Beck’s advertisers. How did this tiny marginal racist fringe group manage to influence major brands to stop advertising on an incredibly popular television program?

    Braindead Leftists would probably say that these businesses were appalled by Beck “on principle” once Jones drew attention to his content, but those same Leftists always insist that “Corporations” are devoid of such principles…

    My theory is that the marketing departments of these businesses are overrun by PC Leftists and they were glad to pull the advertisements even though it wasn’t in the company’s best interest.

    There is a big story waiting to be told here, RSM. How is it that such a popular show is unable to attract advertisers? Leftist “boycott” attempts didn’t faze Whole Foods, where it would have hurt most, so it’s hard to believe that these more mainstream businesses would suffer from such efforts. Are these businesses putting ideology over profits from the top down, or are they simply oblivious to the ideologues within?

  3. micah
    November 11th, 2010 @ 10:37 pm

    The issue was never gold – the issue was Goldline. I can link you to an infographic from back then.

    http://www.ritholtz.com/blog/2010/07/glenn-beck-goldline/

  4. wannabe
    November 12th, 2010 @ 2:19 pm

    Gold might be a good investment depending on timing just as any other commodity. Goldline OTOH is a scam, positively the WORST and STUPIDEST way you can do so. Beck, Levin and Ingraham use their supposed credibility to trick starry-eyed, credulous fans into becoming coin collectors while paying unnecessary markups on coins they could buy cheaper with a single google search. The people buying from goldline will never make 17% because they are losing LITERALLY 50% at the moment that they buy: http://jiujitsutalk.com/index.php?topic=12714.0

  5. Ragnar_Danneskjold
    November 12th, 2010 @ 5:25 pm

    I am not rich enough to buy gold, just steel, lead and brass.