The Phaserl


5 steps to being a happy goldbug

by Jan Skoyles,

1. Ignore the mainstream media

As gold fell this appeared on Reuters courtesy of Felix Salmon: “It’s important that goldbugs are seen to not only have silly beliefs, but also to have lost a substantial amount of money. Gold is a fear trade rather than a greed trade — it’s defensive, and defensive investors are always particularly loss-averse. If you lose money betting on high-flying tech stocks, that’s much more likely to be money you can afford to lose than if you lose money after putting your life savings into precious metals.”

The mainstream media mob have a three-pronged pitch fork especially for attacks on gold, which they regularly like to wield about.

The first prong is the intelligence insult prong, which was recently used by Paul Krugman who wrote back in April that he hopes ‘the gold price crash will finally bring intellectual capitulation.’ Implying that those of you who have invested in gold went into the process completely blind and misinformed.

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