Sunday, May 1, 2011

Ben Stein Disses Gold

The neo-con tells AP:
I don't recommend the small individual investor buy individual commodities at all. I've been a pessimist on gold, and I still don't think gold deserves to be at the price it's at. I just don't see why it is considered so valuable. It earns no interest. It's just a passive, inert metal. It's like an obsession, it's like a mania, to have it. And I don't see what the value is.
What can I say? He sounds like the cabbie that drove me in 2004, when gold was trading at $400 an ounce. See Me and My Cabbie.



  1. Your money will probably do better if you do the opposite of what Stein says.

    I recall that during the market upheaval in 2008 Ben Stein (on Larry Kudlow's program) thought that the stock market was a terrific buy when it had dropped merely a thousand points. This was well before it bottomed.

    If Stein thinks gold is overvalued or has no value, that is probably a good indication that gold has a lot higher to go before this bull market in gold and silver ends.

  2. Can you pass on this message to Ben?

    Here in Australia the price of gold has increased around 11% since Jan 2009, whereas in USD its up around 73%. Why? Because our central bank (so far) has decided not to destroy our currency.

  3. So we are to believe that Ben Stein has absolutely no concept of the idea of intrinsic value? I highly doubt this. For some reason I've always had a hard time trusting this man.

  4. "I don't think gold deserves to be at the price it's at"

    Sounds like Stein took a page out of the Donald Trump "let's force OPEC to lower prices" playbook.
    *sigh* it's sad to see that a guy as supposedly smart as Stein doesn't get gold's real value.

  5. Pretty much the exact arguments I use for not listening to Ben Stein.

  6. Sounds like Stein still does not get it. Arguing with Schiff about the coming housing bust(Stein bought his property in 08 just before it all went bad) and now gold. Can you say Keynesian?