Reply #8: I'm not arguing short or long

[Mike Niendorff]

I'm just saying that markets simply and emphatically do not function the way that the gold bugs want to believe they do. Every time gold goes up, they claim this is a revelation from God about the univeral and supreme value of shiny rocks. Every time it goes down, they get quiet for a while, and try to figure out who's conspiring against them this time.

They're like people at a roullette wheel who've got a "tried and true system" : always bet black. If black hits, they're suddenly geniuses in their own minds, and their system is "once again validated". Conversely, if the wheel hits red or 0/00, then it must be rigged and the house must be crooked. Key point is, their assumptions are never to be questioned, their system is absolute and infallible truth, and anyone who says otherwise is an apologist for the house conspiracy (which inevitably will involve "communists" and "the international (Jewish) bankers" and ... well, you get the picture).


MDN