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{{Short description|Investors who buy gold and speculate on a price increase}}
{{Other uses}} {{other uses}}


"'''Gold bug'''" (sometimes spelled "goldbug") is a term frequently employed in the ] and among ] in reference to persons who are extremely bullish on the commodity ] as an investment or a standard for measuring wealth.<ref name="Financial Dictionary">{{cite web | url=http://financial-dictionary.thefreedictionary.com/Gold+Bug | title=Financial Dictionary | access-date=26 July 2015}}</ref> Depending on the circumstances the term can have one or a combination of closely related and often overlapping themes that extend beyond the support for ], including in some cases the use of the term as a ].
The term '''''gold bug''''' might apply to:


==Various themes on the term==
* an ] or speculator who is very ] in buying the ] ], or similarly themed financial products such as junior mining companies, gold certificates, bullion efts, and other derivative instruments related to precious metals (or even potentially rationalizing bitcoin as having some of the same characteristics as gold) * An ] or speculator who is very ] in buying the ] ], or similarly themed financial products such as junior mining companies, gold certificates, bullion ETFs, and other derivative instruments related to precious metals.<ref name="Financial Dictionary"/>
* "bug" to unflatteringly describe a kind of zeal or zealotry; blind to fact or logic, "that creeps or crawls."<ref>http://www.merriam-webster.com/dictionary/bug</ref>
* A person who opposes or criticizes the use of "]" and supports a return to the use of the ]<ref>Gevinson, Alan. . , accessed 18 December 2011.</ref> or some other currency system based on the value of gold and other "hard" assets.
* a person, or firm, engaged in the marketing of gold irregardless of price or price action.
* Someone who considers one commodity, usually gold, "the appropriate measure of wealth, regardless of the quantity of other goods and services that it can buy".<ref name="Rorty">{{cite web |url=http://rortybomb.wordpress.com/2011/01/21/kristol-kalecki-and-a-19th-century-economist-defending-patriarchy-all-on-political-macroeconomics/ |title=Kristol, Kalecki, and a 19th Century Economist Defending Patriarchy all on Political Macroeconomics. |last=Konczal |first=Mike|date=21 January 2011 |work=Rortybomb}}<!-- Private blog, but higly regarded (see http://rortybomb.wordpress.com/about/ ), so keeping for now. --></ref><ref name="Krugman">{{cite web |url=http://www.slate.com/articles/business/the_dismal_science/1996/11/the_gold_bug_variations.html |archive-url=https://web.archive.org/web/19981202233021/http://web.mit.edu/krugman/www/goldbug.html |archive-date=2 December 1998 |title=The Gold Bug Variations |last=Krugman |first=Paul |author-link=Paul Krugman |date=22 November 1996 |work=]}}</ref>
* The future gold price being in some way tied to an unproven, so far unrealized, and unverifiable, investment thesis that predicts that gold price will rise in time to hyper-inflation destroying the US Dollar. Many people marketing this viewpoint, including ],],], and ], derive economic benefit by providing gold bugs with a steady stream of ].<ref>http://www.zerohedge.com/article/zero-hedges-top-10-most-popular-posts-2010</ref>
*A person, often with views summarized above, that subscribes to "]" relating to gold & silver, frequently including but not limited to, alleged manipulation of the price of precious metals and the supposed disappearance of gold held by the United States Government at ].<ref name="As price of gold falls, conspiracy theories rise">{{cite news | url=https://www.theglobeandmail.com/report-on-business/economy/economy-lab/as-price-of-gold-falls-conspiracy-theories-rise/article11245980/ | title=As price of gold falls, conspiracy theories rise | newspaper=The Globe and Mail | date=15 April 2013 | access-date=26 July 2014| last1=Milner | first1=Brian }}</ref><ref name="Paranoids have enemies, radical gold bugs have Wall Street">{{cite web | url=http://www.marketwatch.com/story/radical-gold-bugs-vs-wall-street-2010-04-05 | title=Paranoids have enemies, radical gold bugs have Wall Street | date=5 April 2010 | publisher=Market Watch | access-date=26 July 2014}}</ref> The Gold Anti-Trust Action Committee (GATA) is a small but prominent promoter of such conspiracy theories within the gold bug community.<ref name="About GATA">{{cite web | url=http://www.gata.org/about | title=About GATA | publisher=GATA | access-date=26 July 2014}}</ref> However, such persons are widely dismissed as cranks and their beliefs as fringe by reputable economists, business leaders and government officials.<ref name="GATA and Gold: The Truth is Revealed">{{cite web | url=http://caps.fool.com/Blogs/gata-and-gold-the-truth-is/457331 | title=GATA and Gold: The Truth is Revealed | publisher=The Motley Fool | access-date=26 July 2014}}</ref><ref name="Gold is Doomed">{{cite news | url=https://www.washingtonpost.com/blogs/wonkblog/wp/2015/07/25/gold-is-doomed/ | title=Gold is Doomed | newspaper=Washington Post | date=July 25, 2015 | access-date=26 July 2015 | author=O'Brien Matt}}</ref>
⚫ * The concept, in the second sense, was popularized in the ], when ] supporters took to wearing gold lapel pins, gold neckties, and gold headbands in a demonstration of support for gold against the "]."<ref>Mieczkowski, Yanek and Carnes, ''The Routledge Historical Atlas of Presidential Elections'' (2001), p.176. ISBN 0-415-92133-3</ref>


===History===
==Conflicts of Interest==
⚫ The concept, in the second sense, was popularized in the ], when ] supporters took to wearing gold lapel pins, gold neckties, and gold headbands in a demonstration of support for gold against the "]".<ref>Mieczkowski, Yanek and Carnes, ''The Routledge Historical Atlas of Presidential Elections'' (2001), p.176. {{ISBN|0-415-92133-3}}</ref>
*Jim Sinclair on JS MIneset<ref>www.jsmineset</ref>as CEO of Tanzanian Royalty Exploration<ref>http://finance.yahoo.com/q/pr?s=TRX+Profile</ref>
*Peter Schiff making a case for gold on CNBC<ref>http://www.cnbc.com/id/101820335#.</ref> and then selling gold investments at Europacific Capital<ref>http://www.europacmetals.com/</ref><ref>http://www.europac.net/services</ref>
*Eric Sprott<ref>http://kingworldnews.com/kingworldnews/Broadcast/Entries/2014/5/10_Eric_Sprott.html</ref>recommending gold while at the same time being the principal of Sprott Asset Management ,a firm engaged in the offering of bullion funds and other funds containing junior mining companies<ref>http://www.sprott.com/about-sprott/</ref>
*Mike Maloney suggesting that "if there is still a US Dollar around it will not be the US Dollar"<ref>http://www.zerohedge.com/news/2014-07-06/mike-maloney-dollar-we-know-it-will-be-gone-within-6-years</ref>while marking high margin bullion jewelry (low bullion value), emergency food, and gold and silver coins.<ref>http://goldsilver.com/</ref>
*Jim Willie advocating the case for gold while selling the Golden Jackass Newsletter<ref>http://www.goldenjackass.com/</ref>


===Notable gold bugs===
⚫ ==References==
* ]<ref name="Judy Shelton Gold Bug">{{cite news | url=https://www.wsj.com/articles/judy-shelton-a-goldbug-who-bends-to-fit-trump-11562242148 | title=Judy Shelton, a Goldbug Who Bends to Fit Trump | newspaper= The Wall Street Journal| date=4 July 2019 | access-date=9 July 2019 | last1=Ip | first1=Greg }}</ref>
⚫ {{Reflist}}


==See also== ==See also==
* ] * ]

* ]
⚫ ==References==
⚫ {{Reflist}}


] ]

Latest revision as of 12:35, 19 December 2024

Investors who buy gold and speculate on a price increase For other uses, see Gold bug (disambiguation).

"Gold bug" (sometimes spelled "goldbug") is a term frequently employed in the financial sector and among economists in reference to persons who are extremely bullish on the commodity gold as an investment or a standard for measuring wealth. Depending on the circumstances the term can have one or a combination of closely related and often overlapping themes that extend beyond the support for gold as an investment, including in some cases the use of the term as a pejorative.

Various themes on the term

  • An investor or speculator who is very bullish in buying the commodity gold, or similarly themed financial products such as junior mining companies, gold certificates, bullion ETFs, and other derivative instruments related to precious metals.
  • A person who opposes or criticizes the use of "fiat currency" and supports a return to the use of the gold standard or some other currency system based on the value of gold and other "hard" assets.
  • Someone who considers one commodity, usually gold, "the appropriate measure of wealth, regardless of the quantity of other goods and services that it can buy".
  • A person, often with views summarized above, that subscribes to "conspiracy theories" relating to gold & silver, frequently including but not limited to, alleged manipulation of the price of precious metals and the supposed disappearance of gold held by the United States Government at Fort Knox. The Gold Anti-Trust Action Committee (GATA) is a small but prominent promoter of such conspiracy theories within the gold bug community. However, such persons are widely dismissed as cranks and their beliefs as fringe by reputable economists, business leaders and government officials.

History

The concept, in the second sense, was popularized in the 1896 U.S. presidential election, when William McKinley supporters took to wearing gold lapel pins, gold neckties, and gold headbands in a demonstration of support for gold against the "silver menace".

Notable gold bugs

See also

References

  1. ^ "Financial Dictionary". Retrieved 26 July 2015.
  2. Gevinson, Alan. Silverites, Populists, and the Movement for Free Silver. Teachinghistory.org, accessed 18 December 2011.
  3. Konczal, Mike (21 January 2011). "Kristol, Kalecki, and a 19th Century Economist Defending Patriarchy all on Political Macroeconomics". Rortybomb.
  4. Krugman, Paul (22 November 1996). "The Gold Bug Variations". Slate. Archived from the original on 2 December 1998.
  5. Milner, Brian (15 April 2013). "As price of gold falls, conspiracy theories rise". The Globe and Mail. Retrieved 26 July 2014.
  6. "Paranoids have enemies, radical gold bugs have Wall Street". Market Watch. 5 April 2010. Retrieved 26 July 2014.
  7. "About GATA". GATA. Retrieved 26 July 2014.
  8. "GATA and Gold: The Truth is Revealed". The Motley Fool. Retrieved 26 July 2014.
  9. O'Brien Matt (July 25, 2015). "Gold is Doomed". Washington Post. Retrieved 26 July 2015.
  10. Mieczkowski, Yanek and Carnes, The Routledge Historical Atlas of Presidential Elections (2001), p.176. ISBN 0-415-92133-3
  11. Ip, Greg (4 July 2019). "Judy Shelton, a Goldbug Who Bends to Fit Trump". The Wall Street Journal. Retrieved 9 July 2019.


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