Comments about ‘Gold frenzy: Is Glenn Beck's favorite metal a good investment?’

Return to article »

Rush for precious metal shines, dims on investors

Published: Monday, May 7 2012 7:30 p.m. MDT

Comments
  • Oldest first
  • Newest first
  • Most recommended
no fit in SG
St.George, Utah

What are the gold hoarders planning to purchase when the world is destroyed? Keep hearing that is what their biblical verses are predicting.

BYU Blue
Ferron, UT

"Civilized people don't buy gold; they invest in productive businesses." -Charles Munger

UtahBlueDevil
Durham, NC

Gold doesn't produce jobs. Gold doesn't produce products. Gold doesn't do anything that creates value, I am one of those whacko people that think capitalism is a wonderful thing, but that it needs to be responsible. Responsible capitalism in the end improves everyones standard of living.

My2Cents
Taylorsville, UT

I have heard the Glen Beck comments and promotional claims about gold, but you have to remember one thing, he is advertising this metal as an advertiser with a script. If he is personally trying to promote it as an investment then he is violating the anti trust laws because he is not an investment counselor.

The key to investment in gold/silver is do not buy collectible or old gold as an emergency cash supply. Do not buy paper gold/silver as shares, buy tangible physical gold/silver bullion. Paper gold/silver cannot be redeemed to get tangible gold/silver. Tangible is physical possession. Paper metals have no value in emergency and our last 2 bouts with market (2008 $ 2010) crashes have proven that.

Invest in business? What business can offer what metals can offer? To buy or invest in stocks requires money beyond the common man budget. Investing in debt of the stock market is investing in failure and bankruptcy.

People want tangible money for when the financial industry goes in to meltdown and tangible cash will be the new financial standard as Visa cards and ATM's and borrowing will not work.

Cats
Somewhere in Time, UT

This is what I've always said. You can't eat gold. If you take it to a bank, you will only be given the face value of the coins--that's assuming it is U.S. legal tender. I just don't really know what to do with it.

If you invest in equities, you are investing in something that actually produces something.

Gold is only worth something because people THINK it's worth something.

In a REAL emergency, food will be much more valuable than gold. That's why we should follow the word of a Prophet and keep a year's supply of food on hand. Otherwise, get out of debt and invest in a diversified portfolio of real estate, equities and bonds. Keep enough liquidity to get through 3-6 months if a financial emergency arises such as losing one's job.

Gold has historically been a lousy investment. It keeps up with inflation and that's about all.

Of course, if we didn't have such an incompetent president, people wouldn't be this scared.

xert
Santa Monica, CA

I'm going to buy a bunch of it and horde it. Then, when the world collapses, I'll still have my gold. My lovely, lovely gold. No gas? No food? I care not! I'll sit in my hidey hole and jingle my lovely gold coins and bars! I'll hold them up to the sunlight and watch them glimmer and gleam. Other's may come for them, but oh---just let them try to take my gold pieces. Just let them....I'll have some fake gold that I will give them so they go away. Then I'll go back to jingling my precious, precious gold pieces.

LDS Liberal
Farmington, UT

Brigham Young warned Mormons about aquiring Gold and other precious things...

It was tantamount to Idolatry and lead to the ultimate downfall of the Nephites.

Who should we believe or listen to?

Brigham Young
or
Glenn Beck?

Mountanman
Hayden, ID

When the government prints more paper currency and increases the money supply the value of the paper they print goes down commensurately and gold is an excellent hedge against inflation and devaluation of the US dollar. Let’s say for whatever reason the value of the US dollars continues to deflate (a certainty) and your 401k or savings value drops accordingly. You have two choices: #1: Lose your money or most of it and end up with piles of worthless paper. #2: Invest in commodities (precious metals), real estate or anything that in increasing in value against the falling US dollar! On the other hand if things get really nasty, (and they will) as Cats said, you can’t eat gold or real estate and if you take a gold bar to your grocery store, what will they do with it? Food storage may be more valuable than gold and land on which you can produce food may be more valuable than gold. Bottom line: Be prepared!

stevo123
slc, ut

Gold can be a reasonable investment as a hedge against inflation. The products that Beck pushes have too much of a spread to be any good. Mr Beck is pushing (and hoping ) for a Mad Max scenario, he borders on the paranoid

Ernest T. Bass
Bountiful, UT

I pulled all the equity out of my house and cars to buy gold, because Glenn said I should. I also cashed out my 401K.

Gildas
LOGAN, UT

You buy when prices are low and sell when they are high; isn't that the sensible rule? This seems to depend on most people doing the opposite: buying when prices are high and panicking when the commodity looks like tanking big time. Just now I believe that gold prices are still high, maybe way too high.

Still I agree it would be far far better to save food and maintain your home in good repair than to waste time, effort and money on a pretty metal of limited use to most of us. Food, clothing and basic supplies, and a basic domicile will always be valuable to you.

Wally West
SLC, UT

@ BYU Blue 11:27 p.m. May 7, 2012

Brother Glenn isn't civilized?

@ Cats 6:51 a.m. May 8, 2012

"Of course, if we didn't have such an incompetent president, people wouldn't be this scared."

Which Ivy League Grad not not named Clinton are you referring to?

mark
Salt Lake City, UT

"If he is personally trying to promote it as an investment then he is violating the anti trust laws because he is not an investment counselor."

Now why doesn't that surprise me that you don't understand the anti-trust law.

"people wouldn't be this scared."

I'm not scared, don't know anybody that is, but then again, I don't listen to the people that tell me I should be.

Cats
Somewhere in Time, UT

Dear Wally West:

We only have one president and, yes, he's an Ivy League grad. Unfortunately, he's also in completely over his head. So much of the economy and so much of why people invest relies on psycholocy. Right now, people are scared to death and they don't know what to do. They are really afraid of the future.

I'm a better historian than prophet, but if we could get a man in the White House that, at least, has some idea what's going on, we might have a chance to calm things down.

onceuponatime
Salt Lake City, UT

The Deseret News has a vendetta against Beck otherwise they would be attacking all investments because you can lose money on them. If you don't understand that any investment can lose money maybe you shouldn't be investing. Stop blaming others for you choices. If you invest money you may lose it all. That includes real estate, stocks, bonds etc. Let's not pretend that gold is any different. If you had invested in Gold when he first started promoting it you would have made money, let's not pretend otherwise, but if you don't sell in time you may lose money. This can happen with any investment type. It's called buying low and selling high.

Michael De Groote

THE REST OF THE STORY
It didn't quite fit in the article, but the opening story Bill Haynes told about Gene ends like this:
Gene had called Haynes to check on the prices for the $72,000 of "Saint-Gaudens" historic $20 U.S. gold coins he had bought to give his invalid brother a more comfortable life. When he learned other dealers were selling the same grade coins for about $48,000, Gene said he would see if the dealer would take them back.
Haynes said he didn't think they would, but Gene countered that they had advertised on a Christian radio program, so they would understand the circumstances with his invalid brother.
Haynes called Gene back later to see if he was able to return the over-priced coins.
"How did it go?" he asked Gene.
"Great!" Gene said enthusiastically.
"Did they give you your money back?"
"No," Gene said, "but they gathered some of the other brokers on the phone and they held a prayer circle for my brother."

NotFromUT
BOUNTIFUL, UT

@ My2Cents: "The key to investment in gold/silver is do not buy collectible or old gold as an emergency cash supply."

I couldn't agree more! For investments....NEVER BUY COLLECTIBLES.

A few years ago I bought some CIRCULATED / FAIR condition gold coins. Since then the prices have just about doubled....As @ Gildas referred to :"Buy Low / Sell High"...now it's time to sell, and pay off debt.

Circulated coins are actually a decent way to get bullion, because the price is based more on the metal value than on "collectible" value.

Ernest T. Bass
Bountiful, UT

If society really collapses, like so many people want it to, a loaf of bread would become more valuable than gold. What value will gold have when you're just trying to feed your family?
The belief in the end of the world has become big business. Too bad it's a total scam. I have a friend hoarding gold, silver, guns and ammo.
In 40 years when he's dying his kids are going to wonder why he purchased thousands of rounds of ammo.

Brahmabull
sandy, ut

LDS Liberal

I just can't help but laugh when people make comments that are contradictory to truth. You stated that
"Brigham Young warned Mormons about aquiring Gold and other precious things...

It was tantamount to Idolatry and lead to the ultimate downfall of the Nephites."

Do you not realize that the mormons started their own mint and minted GOLD coins?? Do you also not know that the mint was supervised directly by BRIGHAM YOUNG??? Not only that but Brigham sent prospectors to california to bring back gold dust to mint.

Leonard J. Arrington, church historian states that "In November 1848 Brigham Young commissioned John Kay to make dies and coin the gold dust. The inscription for the Deseret coins was designed by Brigham Young, John Taylor, and John Kay. On one side, the phrase "Holiness to the Lord" encircled the ancient emblem of priesthood, a three-point Phrygian crown over the all-seeing eye of Jehovah. On the other side, the words "Pure Gold" and the denomination encircled clasped hands, the emblem of friendship."

Not only did Brigham not view it as idolatry, he minted pure gold coins with Holiness to the Lord printed on them!!! Read history.

Hank Pym
SLC, UT

@ Ernest T. Bass 10:05 a.m. May 8, 2012

Get back to me on Dec 22 of this yr. I'll be the one doing a impersonation of Mad Max.

to comment

DeseretNews.com encourages a civil dialogue among its readers. We welcome your thoughtful comments.
About comments