, as advocates of gold as an investment are commonly known, may simply be hedging against the perceived possibility that the world will enter a new medieval period.
And indeed, I find that a lot of the people who write me about bitcoin talk about it in exactly the same way that gold bugs
talked about gold 10 years ago.
Unfortunately, gold bugs
seem surprisingly -- or perhaps willfully -- ignorant of the chronic financial crises and deep recessions of that era.
While the market's bedrock of jewellery buyers and central banks has largely stayed intact, the wider investment universe long courted by banks and gold bugs
is now once-bitten, twice shy.
seeking a catalyst to support higher prices will have to look elsewhere (such as falling mine production) for a change in trend.
Are we bullish gold bugs
or bearish gold booers on the yellow metal?
Nevertheless, perennial gold bugs
, the Indians and Chinese, have demonstrated remarkably resilient demand for physical silver and gold.
and those trying to get out of it in profit are likely to have another wretched week but the general air of confidence could stabilise oil and other raw materials prices.
continue to be thwarted by the Goldilocks situation in the US - not too hot, nor too cold.
No doubt the gold bugs
will point to the fact that third-quarter demand, at 1,084.
To the modern-day Gold Bugs
, though, the Federal Reserve is the gravest threat to the nation's economic health.
Indeed, in the last few years, gold bugs
have had the upper hand.