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

@Brahmabull
sandy, ut

Tell you what, You Read some history.

Brigham Young preached constantly about the evils of gold and the accumulation of wealth.
Industry and wealth are not the same.

And I know all about the coins – We need currency.
There is nothing wrong with that.


But,
SPECULATING on the markets or hording and acquiring is not even the same as minting currency to be used in commerce.

But go ahead and follow your Korihor on the radio.

I’ll stick with the Prophets actual words – and their warnings about speculating,
And I will take Glenn Beck (the showman’s) advertising trickery with a grain of salt.

LDS LIBERAL -

You can't have it both ways. You stated that Brigham Young warned mormons about acquiring gold coins (you never cited your quote, or what it actually said). He supposedly said that acquiring gold coins was idolatry. Yet, he uses that same evil metal and mints gold coins out of them. Not only that, but to add insult to injury, he mints them with symbols of the religion on the front and back, as if to say that god approves of these gold coins. Now why would he warn against people acquiring them, but then provide the means of them acquiring them by minting locally?? It doesn't make sense right? He could have minted them in brass, silver, copper - anything else if he thought gold was evil.

I never stated that I follow Glenn Beck - in fact I despise the guy. But using a prophets supposed(uncited) "opinion" on gold in the 1800's isn't really sound advice. Especially when he did not even follow his own teachings, if he did in fact tell members not to acquire gold.

LDS LIBERAL cont'd

I don't think throwing the whole "prophets" teachings in on a gold discussion is relevant. Gold speculation is no more wrong than betting money on stocks - hoping for big gains and betting which way they will go. It is all the same - trying to make some money by predicting the market. Nothing wrong with that in my mind. It is like anything else - if you do it in moderation with money that you can afford to lose than I see no problem with it. For me, I put what I can into gold bullion and coins - my faith in the dollar is low and I think gold and silver will always be functional. If I lose some value in them along the way so be it. It can't lose more value than the dollar in the long run IMO. So if I am wrong oh well, wouldn't be the first time, and sure won't be the last. But it's not the end of the world. I certainly don't do it because Glenn Beck said so, and I won't stop doing it because some man 150 years ago said not to.

Gold prices go up as inflation goes up.

You may not be able to "spend" it per se, but if times get too tough, you can cash it in. It will always be worth something.

I wish I could afford a little bit, but it is expensive. The prices have absolutely sky rocketed the last few years. If you bought some when it was 200 bucks an ounce you would be able to have some profit if you sold it now.

@TOO
"Gold prices go up as inflation goes up.
"

We've had some of the least inflationary years the past few years while gold has surged so it would seem to be something else going on. (Remember, gas and food may have gone up but housing crashed, overall inflation has been in the low single digits the past few years and even flirted with deflation for a while).

An article from The Telegraph by Emma Simon last year ( http://tgr.ph/hXBhxS )had these two quotes:

"It is thought that an ounce of gold bought 350 loaves in the time of Nebuchadnezzar, the king of Babylon who died in 562BC. An ounce of gold still buys roughly 350 ordinary sliced loaves today, showing that over 2,500 years gold has proved a very effective hedge against inflation, at least when it comes to everyday essentials."

But people don't live in the long term:

"Although gold is a good inflation hedge over the long term, this isn't always the case over shorter, more realistic time frames over which the typical investor is more likely to hold the asset. If you bought gold in the Eighties, for example, it hasn't proved to be the most effective hedge against inflation since then. If it had kept pace with prices, it would now be worth about $2,600 an ounce."

I only hear Beck once in a while now. His show used to be on during my commute and used to be much funnier. However, even when I hear it now, I have never once heard him push gold as an investment, much less as your ONLY investment, but as one way to insure your wealth against inflation. Which is exactly what you'll find all over the web on the topic. This board seems to be full of people who love to twist words as long as they can make a person they dislike look bad. Why do you feel the need to lie about how some radio personality advertises gold?

Brahmabull
sandy, ut

The whole concept of Speculating is wrong for many reasons,
It is a form of gambling, and is about getting something for Nothing.
Money Changing is another name for it.
I runs 180 degress against the Law of the Harvest.

Numerous Prophets have publically spoken out against it since the Prophet Joseph began by speaking out to the Saints against Speculating in banks in Kirtland.
Brigham spoke out against speculating in Gold.
Pres. Heber J. Grant in the 1920’s.
And most recently Pres. Hinckley adamantly spoke out against speculating in other markets, like Real Estate and WallStreet.

FYI –
The bank speculators eventually failed in Kirkland.
The Gold speculators eventually failed in the later 19th century.
The Markets crashed from speculating in the 1930’s.
And we are now still suffering from the Speculators Pres. Hinckley warned about, and I quote “There is a portent of stormy weather ahead to which we had better give heed." Oct. 1998

If you have excess, by all means - chance it.
Otherwise, we've been told to avaid it.

Getting gain - something for nothing - is Master Mahan economics 101.

For emergencies I like food storage, a camp stove and fuel and water storage.
For investments I like studying business and then buying either stocks or junk bonds
in specific companies.

Gold has already had a big run up. So its not that interesting to me.

Brahmabull,

Perhaps you should reconsider. Brigham minted coins for circulation, not investment purposes. He criticized those who hoarded goods at the expense of their brethren. And his criticisms of idolatry and mining in Utah are well-documented.

Nothing could be further from the spirit of Brigham Young's teachings than this Beck-inspired gold craze.

But pause for a moment, and suppose you had millions …a pile of gold, what good would it do you? You could not eat it, drink it, wear it, or carry it off where you could have something to eat.
The time will come that gold will hold no comparison in value to a bushel of wheat.
Gold is good for nothing, only as men value it. It is no better than a piece of iron, a piece of limestone, or a piece of sandstone, and it is not half so good as the soil from which we raise our wheat, and other necessaries of life. The children of men love it, they lust after it, are greedy for it, and are ready to destroy themselves, and those around them, over whom they have any influence, to gain it” (Journal of Discourses, 1:, p.250).

~ Brigham Young (aka., NOT-Glenn Beck)

To "LDS Liberal" there is a HUGE difference between speculating on commodities and owning gold as a protection against inflation.

So, tell us, where have we been told to not obtain riches (which would include gold)?

Per Jacob 2:19 And after ye have obtained a hope in Christ ye shall obtain riches, if ye seek them; and ye will seek them for the intent to do good—to clothe the naked, and to feed the hungry, and to liberate the captive, and administer relief to the sick and the afflicted.

Sounds like obtaining riches is ok with God when the currency was gold, silver, and precious metals.

So the burden is on you, when have we been told that Gold is wrong to own?

If gold brings on such evil, why do we adorn the temples with gold?

In article from The Telegraph by Emma Simon last year ( http://tgr.ph/hXBhxS )had these two quotes:

"It is thought that an ounce of gold bought 350 loaves in the time of Nebuchadnezzar, the king of Babylon who died in 562BC. An ounce of gold still buys roughly 350 ordinary sliced loaves today, showing that over 2,500 years gold has proved a very effective hedge against inflation, at least when it comes to everyday essentials."

But people don't live in the long term:

"Although gold is a good inflation hedge over the long term, this isn't always the case over shorter, more realistic time frames over which the typical investor is more likely to hold the asset. If you bought gold in the Eighties, for example, it hasn't proved to be the most effective hedge against inflation since then. If it had kept pace with prices, it would now be worth about $2,600 an ounce."

Interesting... so what about silver and platinum?

@LDS Liberal, that's a good quote and worth consideration in this context especially. Practicality.

@Redshirt, you quoted the whole of Jacob 2:19, which is good as it seems you were trying to present a context of LDS spirituality? When you obtain the wealth, it's for what purpose? And then it isn't wrong in that spirit. It isn't being hoarded, and it's less likely that harmful things are happening in pursuit of the gold/wealth if someone is in that mindset.

For those who don't remember Glen's rants on gold, just go to YouTube and do a search on Beck and Gold. He was at his best in his ever oh so dramatic presentation on the value of the dollar, and his pontifications of what it will do to the value of gold, using a lift to show just what will happen. He often in 2009 claimed the eminent collapse of the US currency. these were usually followed by a commercial from some gold dealer. So if you didn't here his predictions, you just were not listening veery hard. I believe at one point he was promising us gold at $4,000 by now.

Lds liberal -

I agree with the opinion that speculating is risky... however..

Joseph Smith was the one who opened a bank in Kirtland. He took in money from members. The bank failed. Prophetic?? I think not.

Also, just because you deem something as wrong because the leader of your denomination has advised against it 150 years ago doesn't mean that the remaining people have to follow what your leaders say. It sounds like decent advice, but it is still opinion. Remember, past prophets words are not doctrine, but opinion for that time. I get the whole hoadring aspect, but you caould say the same thing about paper money - what good will it do when it crashes? Answer, it will be worthless. And the Hinckley statement, well it was very general in detail, didn't tell exactly what was going to happen. Most prophets say things like "tough times ahead", who knows what they mean. It is like a fortune teller - if you give vague enough statements on any subject you will be right - eventually. Stocks and speculation aren't getting something for nothing, real money is on the line.

re: Brahmabull 8:20 a.m. May 9, 2012

**Joseph Smith was the one who opened a bank in Kirtland. He took in money from members. The bank failed. Prophetic?? I think not.**

As Jesse James once said, "Its easier to own a bank than rob one."