One of the mainstays of Glenn Becks advertising has been the gold industry. Since he shot his mouth off about how he thinks that the president is deeply racist against white people (forgetting that the presidents Mom and the Grandparents who helped to raise him are white) the good folks at Color of Change have been very affective in getting advertisers to drop his show.
This has not kept the gold industry for using Mr. Beck’s shrill insanity to whip up fears of runaway inflation and governmental collapse to try to sell their product. Rep. Anthony Weiner has been all over Mr. Beck and these companies for the duplicitous way that they do business. Still there is a grain of truth in their claims. The price of gold has more than tripled in the last 10 years. It is still below its high from 1981 (in adjusted dollars it would take a price of $1,471 per ounce to set a new all time high), but it is pretty pricey at $1,212.
While the fearful folks that Beck and Co. are bilking are snapping up gold, the fact is that it isn’t something that just appears. Part of the reason that gold is through the roof is economic fear, but another part is that it is limited resource that has to be mined and then refined.