Quote of the Day: Gold Rush
| Mon Dec. 7, 2009 9:12 AM PST
From Peter Epstein, president of gold reseller Merit Financial Services, on why they don't advertise much on CNN:
Gold resonates more with Fox’s viewers “because it’s the angry white man audience — it’s the conservative audience....They are distrustful of the government, of the regime.”
Gold: The Angry White Man's Investment! Because, apparently, angry white men are the natural audience for an industry whose markups tend to be "so egregiously high the only thing you can call them is shysters." More at the link.
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Comments
"the only thing you can call them is shysters."
Submitted by Joe S. (not verified) on Mon Dec. 7, 2009 9:40 AM PST.
I resemble that remark!
Shysters are lawyers. (The word apparently comes from the German "scheiss.") I believe that Shylocks were intended.
Buying the actual metal is a fool's game
Submitted by Greg in FL on Mon Dec. 7, 2009 9:43 AM PST.
There's a big markup on each side of the transaction - when you buy and when you sell. Then you have the problems of choosing what form of metal to own - ingots, coins, and by what producer. Then you have to safely store it and not lose it. And when you sell, the burden of authenticity is with the seller. A total disaster as an investment.
That said, a little gold as an inflation hedge is often recommended. The obvious choice to me is gold mining stocks (or, if you don't the environmental record of mining companies, gold royalty stocks). A 10% increase in gold prices will increase the value of a gold metal asset by 10%, but can boost the stock prices by 100%, because that increase in market price is pure profit to the mine, and stocks are valued on profitability. The flip side is also true of course (stock prices can tank on a relatively small market price decrease). And the stocks are generally very liquid.
Of course, when the advertisers are banking in fear as a motivator, that is probably a sell signal for gold-backed assets.
showing somebody captcha
Submitted by Anonymous (not verified) on Mon Dec. 7, 2009 9:50 AM PST.
showing somebody captcha
Buy Gold, it will save you from the Socialists
Submitted by thersites on Mon Dec. 7, 2009 10:05 AM PST.
Shyster is Michael (Wiener) Savage's name for anyone from NYC with an IQ over 45. By a remarkable coincidence, the gold commercials run on his show about once every fifteen minutes.
Commodity fetishists
Submitted by g. powell on Mon Dec. 7, 2009 10:33 AM PST.
This is something that has fascinated me for a long time -- the strange gold obsession among the rightwing crazies. The rightwing also apparenty has an obsession with oil ("drill, baby, drill" and global warming denying). I understand the historical reasons given, but I think it goes beyond that to some unconscious need that helps drive the rightwing crazy cause , but I have not yet figured it out or had it explained to me.
Still, I wish I had invested in gold a year ago.
Illiteracy among the American right
Submitted by The Lounsbury (not verified) on Mon Dec. 7, 2009 1:01 PM PST.
Regarding actual proper economics really seems to be quite extensive. US gold bugs really are the most atavistic bunch.
value of original medium of exchange set to explode
Submitted by tpx on Mon Dec. 7, 2009 10:58 AM PST.
Increasing acidification of the oceans spells certain doom for the world's shell fish, drastically reducing the supply of polished shells. The world's first medium of exchange is poised to increase in value as supply literally dissolves.
AGW denial is the polished sea shell investment community's biggest obstacle to convincing the market demographic most likely to invest in this huge opportunity.
Is it gold that I hear Rachel
Submitted by Anonymous (not verified) on Mon Dec. 7, 2009 11:42 AM PST.
Is it gold that I hear Rachel Maddow constantly trying to sell me?
Thom Hartmann sells a lot of
Submitted by Anonymous (not verified) on Mon Dec. 7, 2009 1:55 PM PST.
Thom Hartmann sells a lot of gold too. I think Kevin and Mojo are just jealous because Lear Capital/American Eagle hasn't discovered blogs.
Also fascinated by gold obsession
Submitted by Anonymous (not verified) on Mon Dec. 7, 2009 12:17 PM PST.
I remember that I had a friend whose father invested heavily in gold following Bill Clinton's win in 1992 thinking that economic Armageddon was at hand. Needless to say the next 8 years were fun times.
Also it's interesting to note that right-wing obsession with gold is international in scope! I have in laws from the UK, even the young folk just out of college, rail against taking the pound sterling off the gold standard. It's really, really funny.
I've noticed that
Submitted by charles (not verified) on Mon Dec. 7, 2009 3:12 PM PST.
I've noticed that gold-fetishists also tend to be into the whole Bible Code/Freemason/Knights Templar/Bohemian Grove/Face on Mars thing. For them, gold has some sort of magical property that makes it "valuable" independent of any actual market.
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