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07 Glenn Beck hoodwinks investors to buy gold at $800

Posted on by steve0

I will never support Glenn Beck again!!! On his advice and the advice of people on his show, I bought gold at less than $800.00 an ounce. He began hyping Gold in 11/20/2007 and earlier. Now gold is dropping like a rock and I can only sell my Gold for $1,131.80 a percentage increase of only 41.5%.



TOPICS:

Business/Economy

KEYWORDS:

gold

Here is the proof of him hyping gold around November 20, 2007. http://www.youtube.com/watch?v=IvHhqr8OeFc Here is the proof that gold was about $800.00 an ounce at that time. http://www.kitco.com/scripts/hist_charts/monthly_graphs.plx Even if I had been more reasonable than just to buy when Glenn told me to and dollar cost averaged into Gold I still would have very large increase in the value of the price of gold that I purchased back then compared to now. How dare him!!!



To: steve0

You could make the same argument about housing or internet stocks. It is all about when you buy and when you sell. You have made ZERO until you sell your gold. Have you sold it or are you holding on waiting for it to go even higher?



by 2 posted onby 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)

To: steve0

hehe.....I feel your pain.



by 3 posted onby donhunt ("The more corrupt the state, the more it legislates." - Tacitus)

To: steve0

Waaaa



by 4 posted onby cripplecreek (Seniors, the new shovel ready project under socialized medicine.)

To: steve0

steve0

Since May 29, 2007 Does Glan Beck control you like a ROBOT? Or are YOU capable of thinking too! Honestly, I’m sure Glen meant well. It’s not really going to matter where you put it.

It’s all tanking.



by 5 posted onby nmh (Intelligent people recognize Intelligent Design (God).)

To: All

Ya’ll do realize steveo is being extremely (and gleefully) sarcastic, right? Hey steveo, you know you want to send a Christmas gift to your old good buddy Autumn, right? heeeeee



by 6 posted onby autumnraine (You can't fix stupid, but you can vote it out!)

To: steve0

I hate glenn beck, he made you richer than I.



To: 2banana

I’m waiting on Beanie Babies to make a comeback, myself.



To: donhunt

He may have been hyping it, or had a relationship with Goldline even before leaving CNN around 10/16/08. See: On October 16, 2008, it was announced that Glenn Beck would join the Fox News Channel, leaving behind CNN Headline News. CNN pulled the program off the air the same day. Should have followed the decade investment advice discussed over here http://www.bespokeinvest.com/bespoke/2009/12/the-ugly-2000s.html So if I lost money Glenn Beck should have to pay me back. Now since I am in the black do I owe Glenn the difference? How many people has he tipped the scales in terms of their buying decision. He should have to take responsibility for that.



To: steve0

41% return on investment. poor thing.



by 10 posted onby BigEdLB (Now there ARE 1,000,000 regrets - but it may be too late.)

To: steve0

Did you do any of your own research? Gold is an investment, it goes up and it goes down. I heard him advertising gold on his program, (a company that sold gold was a sponsor) but I didn’t buy any because I didn’t know enough about the gold market. If Beck asked you to jump off a bridge would you? He’s an entertainer and commentator.



To: steve0

Another person that is going to have to pay capitol gains tax.

Terrible ,evil, rich people!



by 12 posted onby sausageseller (If you want to cut your own throat, don't come to me for a bandage. M, Thatcher)

To: steve0

Better to listen to Glenn Beck than Jim Cramer, yes????? Acutally, anyone is more honorable than Cramer.



by 13 posted onby Carley (OBAMA IS A MALEVOLENT FORCE IN THE WORLD)

To: steve0

The nerve of that jerk! Un-flippin’-believable!



To: steve0

So lets use some round numbers shall we? Principle $800 for one ounce

Time 25 months (Nov 2007 till Dec 2009)

Interest earned $1100 - $800 or $300 (rounding numbers)

So what was my interest rate? Interest = principle X rate X time

300 = 800 X R X 25/12

300 = 1667 R

R = 17.996 percent or just about 18% return if we just use straight interest. Compound interest would be done differently but either way 18% percent is a nice return.



To: thomas16

Would I land on a tyrant’s head? If so, yes I will jump. Say the word Glenn. I can’t believe I let this guy have so much power over me. Hold Glenn accountable for him making people invest in Gold!!!!



To: steve0

This thread is pretty good proof that around half of the people on this website are illiterate.



by 17 posted onby Chunga (Any IDIOT who says Obama would be better for the country than McCain is a disgrace - Mark Levin)

To: 2banana; steve0

That is a straight-line investment, which is to say it doesn’t compound. (all numbers rounded): If you bought an ounce of gold in 1990, it would have cost $400 and be worth $1150 today, a straight line ROI of 288%, or about 23% a year (no compounding, since it just sits there like a lump of gold). In 1990, the DJIA was 2400 and today it is 10000, a straight line growth of 385% (which means it beat gold anyway), but, due to the magic of compounding, your $400 would be worth OVER $70,000 at average annual return of 32% — even factoring in the post 9/11 and the obama crash of last year. Can someone check me? My eyes bugged out when I finished the math and now I want to go back in time and smack myself for not plopping down a few hundred 19 years ago... But we can work this differently. Even had the stock market (or any investment) had made as little as 10%, your $400 bucks would still be worth $2500 — outpacing gold by 2X. Gold is only a hedge for a very short term assumption of a downturn. It is a BAD idea for the long run. If you want to churn, you can go to the track and probably outdo gold if you have a good eye for horseflesh...



by 18 posted onby freedumb2003 (Communism comes to America: 1/20/2009. Keep your powder dry, folks. Sic semper tyrannis)

To: steve0

How do gold dealers make money selling gold for paper money declining in value?



To: taxcontrol

You don’t get compound interest in gold (not the type Glenn sells). And I could name any number of investments (or at least I could FIND them) that did better than 18% over 2 years). Gold is just another gamble.



by 20 posted onby freedumb2003 (Communism comes to America: 1/20/2009. Keep your powder dry, folks. Sic semper tyrannis)

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