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Tuesday, September 27, 2011

Falling gold piece

My latest at FrumForum: "Beck Didn't Warn Me Gold Can Fall!" Excerpt:
The gold market meltdown — with prices plunging in recent weeks from over $1,900 an ounce to under $1,600 — is a reminder that the precious metal is a volatile, speculative commodity. It also signals a bear market in credibility for the many right-leaning cable-news and talk-radio hosts who have touted gold relentlessly in recent years as a hedge against economic calamity.

“If you’ve been watching for any length of time, and you still haven’t looked into buying gold, what’s wrong with you?” Glenn Beck said in a video on his website in 2009. “I think you’re nuts.” His TV show, meanwhile, featured frequent calls to buy gold, interspersed with commercials for gold retailers.
Whole thing here. It's getting comments at a brisk pace; people get emotional about gold, which is a problem.

UPDATE: A rejoinder by Brad Schaeffer: "Numbers Don't Lie, Gold Has Done Well."

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