The Insanity of Goldbugs
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2019-09-17 09:46 by Karl Denninger
in Market Musings , 126 references Ignore this thread
The Insanity of Goldbugs
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So the Interstupidity is on fire about the spoofing arrests within JP Morgan's gold trading desk.

The claim is repeated time and time again -- "we were right, they were suppressing the price of metals!"

Except they weren't.

The traders who got busted were spoofing prices higher, not lower.

You know, attempting to move prices in the direction the goldbugs say they "should" go?

But that doesn't fit the narrative lie machine, so instead of just sulking away they flat-out reverse what was discovered and charged in their latest screeds.

These people are literally insane.  Maybe criminally so.

What I do know is this -- if you were buying gold or silver with the hope of price appreciation you were helped by these spoofers, not hurt.  While you were not a part of their criminal conduct you were certainly not a victim of it -- to the contrary, you profited from it.

These folks are simply and certifiably nuts.

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