I read a WIDE variety of news sources. Some of the sites are laughable and at times grab a story that the MSM is avoiding or fall under the category that a broken clock is right twice a day.
One of the "myths" of the "campers" is that there is re-hydrated beans needed for Y2k, or that the world is ending in 2012, or a commet is comming, or that the bible codes say this, say that, etc.
I call these people "campers" because what they want to do is take a contrarian view and be right about it. Campers in the sense of Charles Manson who believed that Helter Skelter was about a race war which he would incite, blacks would win, that he would survive in the desert, and then ruderless the blacks would seek him out "camping" in the wilderness.
There is always this "wilderness" thing.. sort of the magnetic attraction I think in "part" of Palin to the right wing fringe.
And then there is the "gold bugs." I see two types of "gold bugs" the True Believers, and then the professional traders selling fear. I mean make no mistake about it the Hunt Brothers proved that professionals can play in this market.
So now Gold is falling, the bubble that Gold was is imploding and the "campers" are making claims of GOLD MANIPULATION.
Well let me set the record straight, a bubble is a bubble is a bubble.
Gertrude Stein (1874-1946) Modern before modernism, Gertrude Stein’s work stands as one extreme of Twentieth Century Literature. At Radcliff she studied psychology with William James, and at Johns Hopkins afterwards she studied the anatomy of the brain. The psychological theories of James and of a closely related French philosopher, Henri Bergson, laid the foundation for her own highly original work. The idea that consciousness is a stream, rather than a succession of formations, and that underneath chronological memory is an intuitive apprehension of existence, led to certain conclusions of her own that animated bother her prose and verse.
Chief among them was that sequence and causation were methods of imprisoning the mind. The object of language, she held, was to bring things and people and words out of stale usage into a state which she variously designated as “the excitingness of pure being,” “realizing the existence of living,” “the intensity of anyone’s existence.” When asked what she meant by “a rose is a rose is a rose,” she explained that in the time of Homer, or of Chaucer, when the language was new, “the poet could use the name of the thing and the thing was really there.” But as memory took it over, it lost its identity, which she was trying to recover. She boasted, “I think in that line the rose is red for the first time in English poetry for a hundred years.”
The interesting thing is that studying thought and markets is not new, similar to Gertrude an observation was made:
Idols of the tribe - "The idols of the tribe are inherent in human nature and the very tribe or race of man; for man's sense is falsely asserted to be the standard of things....(p. 20). [They]...arise either from the uniformity of the constitution of mans spirit, or its prejudices, or its limited faculties or restless agitations, or from the interference of the passions, or the incompetence of the senses...." (p. 28).
Idols of the den - "The idols of the den are those of each individual; for everybody (in addition to the common errors in the race of man) has his own individual den or cavern, which intercepts or corrupts the light of nature, either from his own peculiar and singular disposition, or from, his education and intercourse with others, or from his reading, and thre authority acquired by those whom he reverences and admires, or from the different impressions produced on the mind, as it happens to be preoccupied and predisposed...." (p. 21)
Idols of the market - "...formed by the reciprocal intercourses and society of man with man....for men converse by means of language, but words are formed at will of the generality, and there arises from a bad and unapt formation of words a wonderful obstruction to the mind. Nor can definitions and explanations with which learned men are won't to guard and protect themselves in some instances afford a complete remedy - words manifestly force the understanding, throw everything into confusion, and lead mankind into vain and innumerable controversies and fallacies." (p. 21)
Idols of the theater - "...there are idol which have crept into men's minds from the various dogmas of peculiar systems of philosophy, and also from the perverted rules of demonstration...for we regard all the systems of philosophy hitherto received or imagined, as so many plays brought out and performed, creating fictitious and theatrical worlds." (p. 22)
The reason why I posted this is to point out the myoptic ability to know markets. That language is often insufficient to explain the composition and "cause" effect of markets.
While many Gold pimps advocated the market of Gold and pointed out the bubble in housing they conveniently avoided the issue of the bubble in gold, or oil.. or.. minus a DEFLATIONARY downdraft, dollars.
This is why GOLD and metals has been the most cruel bubble of all.
Any cognitive analysis of Epistemology, be it empirical analysis (post Hoc) of inference.. is not a science. These "experts" who are now discredited all have language to blame.. (laughing) well not actually language.. BUT WHAT THEY CHOOSE TO BRING. The campers brought their wilderness and survival skills... and what they find is a bubble. It is as if the Materialist view is attened with an emotive lense.
Computer Science is an oxymoron, has been and remains so, economics is an art, science included. In 420B.C. Democritus asked the question, how can a river flow and yet reamin one? Zeno of Elea 490 BC? – ca. 430 BC? while reductio ad absurdum was the cornerstone of Zeno's argument.. we see that any position in the market, house values only go up, Gold in difficult times, buy and hold, and "reductio ad absurdum" statement or position fails.
Faced with that failure.. we have "Central Bank Gold Manipulation."
AS if.. it is as if.. these people were unaware that there was a "market" for gold.
Idols of the market - "...formed by the reciprocal intercourses and society of man with man....for men converse by means of language, but words are formed at will of the generality, and there arises from a bad and unapt formation of words a wonderful obstruction to the mind. Nor can definitions and explanations with which learned men are won't to guard and protect themselves in some instances afford a complete remedy - words manifestly force the understanding, throw everything into confusion, and lead mankind into vain and innumerable controversies and fallacies."
A bubble is a bubble is a bubble...
Clear thinking is often unorthodox thinking, difficult, and risky.
But it beats the consequences of faulty thinking, intellectual laziness, and apportions responsibility where it belongs.
A bubble is a bubble is a bubble...
It is a damn shame that all the hedge funds, which the gold pimps decried are selling positions in gold....
Here is a good example of what I mean:
Rense which is in the clock twice a day is correct, even if it isn't working cites: RumorMillnews and then Dollar roars back as global debts are called in. Rense a schill for gold has cost rubes dearly. But, wait, here read this!
I'm reminded by "fat scotty" of the saying in the used auto industry that "there is a seat for every ass."
Again, read the commentary and ask yourself, didn't the people who bought at the peak of the real estate bubble make similar statements?
Let me tell you why http://www.kitco.com/charts/livegold.html Kitco doesn't post full charts on gold, because unlike real-estate which can be borrowed against, if you buy gold in a bubble you hold it until a greater foll comes along. It is cash and carry, the cruelest bubble.
But really, you want to read some market commentary, an insight into psychology of investing, read gold collumns.
The small investor or rube/lemming is going to howl.
In a deflationary market where there is too few dollars chasing too many debts, and equity values drop, "creating demand destruction and wealth destruction" people need dollars not bullion to service debt.
Watching these people respond to the crisis is more interesting than the central bankers who at least have a coherent and rational response.