A couple weeks ago I wrote a post about some negative feedback (comes with the territory, if I am doing my job well enough) because I wrote about the very real economic performance that has so far come out of what I consider unsustainable and doomed to fail policy (and would be bullish for the gold sector I might add).
So I get to have some people call me a perma bear on one side and certain dogma defenders on the opposite side, both coming down on the writer who, right or wrong, is trying to clear out the b/s and just write the truth.
Now with the Gold Bug Psychology article I unsurprisingly I got the incoming from that camp as well. Even though I am twice the gold bug some of the dogma defenders are because I am not threatened by my position and am willing to state the truth as I see it. Nobody that I know of has put in the effort I have over the last decade in trying to describe gold as a value instrument and an insurance policy… and NOT a PLAY or a GAME.
Anyway, I give much credit to the gold websites (GoldSeek, 321Gold and Gold Eagle), each of which published or linked the article after it was submitted. I’ll reserve comment on some of the readers though, because some of the responses have been all too familiar and are not bullish for gold either.
From GoldSeek comments, the same forum where above noted feedback on my supposed pro-economy stance came from…
The writer has the psychology of short-termism and of throwing in the towel.
The commenter obviously has not read me. Throwing in the towel, eh? I am waiting for him to do that and have been for years now. I am going to become so bullish on the price of gold and especially gold stocks (for all the reasons this post doesn’t have the time to go into… again) when people stop defending their positions and when the macro funda that actually matter come fully in line (they are not). I am already bullish on the value of gold.
I sum up the author as follows…
Incorrect Groupthink: Gold is money for the individual, and under the control of the individual
Correct Groupthink: Central Banking with paper money, for the greater good, decided by ivory tower wise men
What I find strange, is that he then comes across as being a part of the gold community…
So where are we at?”
All after accusing the gold community of “groupthink”, and following pied pipers as if they were heroes.
This commenter actually thinks I am part of the evil conspiracy, ha ha ha… me! Biiwii, a site that has proclaimed the virtues of gold’s value proposition for a decade+ and shit all over the Federal Reserve’s policy for that same duration. Sum me up any way you want my man. Then after doing so why not go back and read some of the millions of words I’ve written over the last decade.
“The precious metals bear market, beginning with silver’s blow out in early 2011 and the general top in the commodity and ‘inflation trade’ along with gold’s lesser blow out later that summer amidst Euro crisis hysterics, has been all about psychology”
Wrong because of one word. Change “psychology” to manipulation. It is manipulation that is the trigger, and psychology is only the reaction. The ignorant and biased author needs to learn the difference in cause and effect.
And his groupthink comment is just plain stupid. So are all people who do something, who buy the same thing, engaged in groupthink? Are all antique car buffs suffering from groupthink because they all like old cars? How about all the women who buy jewelry? Are all skiers under groupthink because they enjoy gliding down snow covered mountains on two pieces of wood (or fiberglass or whatever)? Or perhaps more relevant, are all homeowners who buy insurance even though their house has never burned down suffering from groupthink?
Terrible article, really written like a jackass.
Thank you for making my case. When you stop calling names and when position defenders in general at least stop to consider that someone who is on your side (in your perceived war) is actually trying to help, we’ll be ready to move forward.