aren't i in the 0.1% who said gold prices were in a bubble?
but even a 0.1% group is a herd. as is a 1% group. there are few carnivores out there.
all matter was forged in the stars. so your gold forgery is no better than any other from a cool origin viewpoint. theft of energy from the space-time continuum.
gold is reasonably scarce and it has a value in jewellery and a few other things. people who wish to buy a scarce metal make a non-zero value in the marketplace.
but all economic values in a free market are created by the strength of supply and demand. and the demand for gold was partly based on a view of hyperinflation.
this view hasn't held up well in our experience. hyperinflation hasn't appeared in spite of the predictions.
the value of treasuries are stable at present. the argument about the value of debt is also defined in the marketplace. no need to predict its worth. the market defines it.
nobody ever admits they are wrong. but the gold price collapse likely reflects a lot of people realising it. and keynesians like goldman saw the opportunity to take advantage.
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