I think there's some very scared goldbugs out there.
How about the sucker that bought when gold topped out at $1920 or silver at $50 for that matter? The promised land of ultra-riches, Dow/Gold 1:1, the USD being 'confetti' and a multitude of other absurdities hasn't arrived.
Trillions of dollars are going to be lost.
Work it out .
170,000 tonnes X $1920 X 1630/1920 =? Heaps, with more to come, and no dividend.
The goldbug psychology dictates in most instances that they're overexposed, something I've managed to glean from a number of them over the last year or 2, so if there's a 1980 re-run a lot of speculators are going to get burned..
In one instance a guy posted that he'd sold his car, house, everything, and punted the lot on gold - very unwise.
Another told me the other day that unless gold gets off the launch pad, his retirement's going to be pretty grim.
And some of you may remember the post on this thread where a guy who'd buried his gold in the back yard died suddenly and the rest of the family dug all of it up looking for it, without success.
Most of them own 'physical' and hide it because the gubbermint is gonna steal it (that's another story), but physical's very illiquid and not something you can unload with the push of a button.
The catastrophic scenarios and strange conspiracy theories have mostly disappeared, but goldbugs still blame their inability to make the rich list on 'manipulation', a theory for which I haven't seen one scrap of evidence or a class action lawsuit.
There's always going to be people who make bad investment decisions, happens all the time, ponzi schemes, massive credit card debt, overexposure to housing, finance companies, Nigerian scams, and some of these speculators are educated people. One guy even got scammed twice by the Nigerians, some never learn. Even some of the country's richest, Kings College, university educated have been scammed, and they're so rich all they have to do is leave the money in the bank.
A top education is no moral compass or immunity against greed.
A friend of mine with a top degree from university and influential wealthy friends refused to take my advice and is now poverty-stricken after losing her life's savings in the Michael and Jacquie Bradley scandal, court case in August on that one. I can't say I have any sympathy, same as I won't for the goldbugs if history repeats itself.
You can't save people from their own stupidity, read the paper on almost any day and you see tales of woe from people who've made the dumbest decisions you can imagine.
Like the 2 guys in the Waikato who after having a skin full at a late night party decided to go flying in their microlight, at night, in the fog. They crashed and were both killed before they reached the end of the runway.
Unbelievable, but there's no accounting for human nature, it never changes. Human psychology is fascinating.
Debating the goldbugs reminds me constantly to be vigilant over my own finances.