During 2009 and 2010, liberal commentators and even politicians made a point of bashing conservative commentators such as Glenn Beck and Laura Ingraham for allowing gold companies to advertise on their shows, arguing that conservatives and gold companies cynically colluded to deceive viewers into buying bad investments. The recent spike in gold prices seems to prove that the conservative commentators were right after all.
Gold prices topped $1,900 an ounce on August 22. The price of gold rose over 400 dollars since the beginning of this year, up from $1,421.40 per ounce since January 1st, 2011, and has rapidly risen over the past two months. The price of gold was $854.60 per ounce at the start of the Obama administration. In other words, gold prices have more than doubled since the beginning of the Obama administration.