A Teaching Moment on the Nature of the Gold Cult

by Dan Norcini
Trader Dan

I wanted to share the following chart with the readers because this is perhaps one of the clearest examples that you will see of what I call, “selective outrage” on the part of those whom I have dubbed “the gold cult”.

By “the gold cult” I am referring to those websites and gold promoters whose view of gold is that it must always go higher in price and when it does not, it is because there are “sinister, evil powers” at work who are “manipulating its price” and preventing it from rising.

Just this week, we watched gold experience a sharp selloff on Wednesday. Almost immediately, the gold cult websites (Zerohedge is their leader) were out with their breathless denunciations about “sellers smashing the gold price by dumping huge amounts of gold within minutes”.

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