And with market participants of all forms -- stock bears, stock bulls, gold bugs
, Bitcoin believers -- certain they already know the Fed's fate, any narrative from the committee that isn't perfectly aligned with that predestiny is likely to cause some discomfort in markets.
(The Extropians' plans included cryonic timeouts: If their preferred future didn't come fast enough, they planned to freeze themselves and wake up later.) Another chapter examines gold bugs
and devotees of Austrian economics, who took the 2008 recession as a vindication of their contempt for central banking.
Bitcoin maximalists thus resemble old-fashioned gold bugs
in insisting that there is only one truly "sound money": alternative cryptocurrencies are to them what silver coinage was to Grover Cleveland Republicans.
Bullish options flow comes after a rough stretch for gold bugs
- although the yellow metal is up modestly today, at $1220 an ounce, December gold is a far cry from the $1138 levels seen just four months ago.
, 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.
Nowadays, people advocating a return to a precious metal standard are dismissed as cranks and "gold bugs
." Modern technology and advances in financial and economic science, it is argued, allow monetary authorities to manipulate the money supply to everyone's advantage, creating far more prosperity than old-fashioned gold and silver ever could.
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.