May 24, 2010

Glenn Beck and GoldLine

Mother Jones has a GREAT article on the Beck/Goldline Ripoff, see it HERE.

Gold has always been a great hedge against inflation, and it is PRETTY too.

But buy it from BECK??????

What Beck is condoning, for his (Mostly OLD) fans is unconscionable. I am NOT an investment consultant, but this much I know: Buying gold coins so that big bad Obama won't be able to huff & puff and blow your house down to steal your gold is a really, really bad investment strategy.

When Beck fans call Goldline they are being pushed into buying 20 franc gold coins (Or other supposedly rare coins) for intrinsic value as collectibles. 20 Franc coins are about 90% pure, and are not even close to bullion as far a melt weight/value is concerned. For Goldline, they represent a HUGE profit, and for the investor a HUGE mistake. According to the MJ article Gold would have to get to near $1800 per ounce for them to make a profit....WOW

Now contrast this to Gold Bullion, where the profit margins are slim, and in most cases track the per ounce price of gold fairly closely.

This guy is a idiot and a liar. When gold crashes (& it will) lets hope the Beck fans were properly diversified.
(Follow the link to INVESTOPEDIA, BECK BUDS)

No comments:

Post a Comment