Gold prices rallied to record highs above $1,600 an ounce Monday on fears that debt problems in Europe and the United States may spiral into a global crisis.
Gold, typically seen as a safe haven in times of economic trouble, has risen 8 percent in 11 days as President Barack Obama and Congress have failed to reach an agreement to raise the nation's $14.3 trillion borrowing limit. With the clock ticking toward an Aug. 2 deadline, investors have turned to gold at the expense of riskier assets such as equities and commodities.
If Glenn Beck wasn't such a moron, I'd say this was all part of his plan. I mean, creating intense government distrust to the point where it almost causes the United States government to collapse, thereby sending the price of gold through the roof? That's a James Bond villain, right there. But more likely, Beck is just a symptom of a culture that's willingly creating a gold bubble. Let's hope it doesn't drag us all down when it bursts.