The quality of Gold commentary in the media, and in particular the so-called alternative media, is reliably abysmal. They burble on endlessly, while the wide-eyed and breathless nod in wonder. Some are simply frauds and charlatans with a cynicism that knows no bounds; others are just woefully misinformed.
This is not a modern phenomenon; it is difficult to find sensible commentary on the monetary metals after Ibn Khaldun in the 14th century, but never have the snake oil salesmen been more ubiquitous. To add flavour to their prognostications, an assortment of conspiracy theories is usually tossed into the pot.
Despite putting their best shoulder to their square wheel, it remains an inviolable fact that Gold isn’t going up, down, sideways, consolidating or correcting. It isn’t firm and it isn’t weak or being driven or manipulated. It is neither in a bull nor a bear market. Gold is motionless, going nowhere; in the same stable position as the measure of value that it has been for the last 3,500 years.
Gold is money; not one of many, not the money of choice, not money because of being the most marketable good, nor for any other ‘best guess’ reason; Gold is the only money because of its unique quality as a store of stable value.
The Gold commentators and their credulous audience play into the hands of central bankers who are entirely dependent on people continuing to believe the fanciful charade that paper debt notes measure Gold’s value. One can either be a part of the central bank cheer squad, or one can understand that Gold is the only money and hence the only measure of value. There is no other position.
Gold measures currencies; currencies do not measure money. The gold graphs are upside down and back to front. It is the currencies that are showing extreme volatility at the moment. That volatility will increase.
Do you believe the pronouncements of central bankers and the ‘price of Gold’ mob, or do you believe that Gold is money? If you believe that Gold is money then Gold cannot be priced, for money is the measure of value, not the measured.
Possibly the most delusioned are those who fail even to grasp that money’s job in the marketplace is as the measure of value.
In over four decades of speaking with people about Gold, I find them mostly divided between those who will not see what is in front of their nose and those who cannot. Logic is not for those who rely on feeling rather than thinking, or for those who worship the god of dogma.
Meanwhile, in a frenzy of latte sipping complacency, the world continues its amble toward Armageddon. Maybe our societies, crushed to mindless indifference by the weight of authority now have nowhere else to go. Inertia reigns supreme. The age of intellectual pursuit is long gone and it takes a remarkable lack of awareness to sustain the belief that we are on the verge of a new age of higher consciousness.
Stupidity has become institutionalized and, in the area of money, the central bank supporting Gold bugs of the ‘alternative’ media are a large part of the problem.