Goldline International, the gold company promoted by Glenn Beck on his show–and which is under investigation by a U.S. congressional committee–would like you to know that death and destruction in Egypt makes their product more valuable. From my inbox:
Gold prices were up over $18 as of 9:33 Pacific Time today on the New York Spot Market as increasingly violent protests in Egypt continue to spook markets globally. Gold is regarded by many analysts as a "safe haven" asset during uncertain economic and geopolitical times.
"There are latent geopolitical worries stemming from Egypt and the Middle East in general," said Jim Steel, senior vice president and metals analyst with HSBC in New York. Egypt has been in turmoil in the last week as Egyptian President Hosni Mubarak's administration has come under fire, and worries have surfaced about the unrest spreading to other Middle Eastern nations. Standard & Poor's Corp., Fitch Ratings, and Moody's Investors Service downgraded Egypt's ratings this week.
"We think that the price of gold could resume its climb due to reduced risk appetite as the global recovery falters and new shocks hit the financial system," Capital Economics said in a report.
Gold was also bolstered by comments about rising euro-zone inflation from European Central Bank President Jean-Claude Trichet, who said officials are monitoring rising price pressures. **
Have questions about acquiring gold and silver today? Call a Goldline Account Executive…
Those familiar with the Glenn Beckalypse where only gold will save us, etc., will hardly be surprised.
UPDATE: Kenneth Cole got himself some of that unrestvertising action!
