Five years ago gold was trading at around $700. At the start of the week it hit $1900. Great news for the people who took Glenn Beck's advice to 'invest' in gold coins. With the 100% markup on the value of the metal paid to Beck's recommended coin merchants they were up $500 an ounce which works out at a 7% annual rate of return.
Since Monday gold has slumped to $1710. Historically, commodity prices have often crashed much faster than they have risen. One wonders if they will be so fond of their hero as the investment he advised them to buy shrivels.
(Chart Source: Marketwatch.com)
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