Precious Metals Charlatans Abound – Confirmation Bias Preferred to Reality

There is no shortage of charlatans in the precious metals space.   They repeat their flawed theses so many times that they become “truth,” and get re-quoted by other charlatans, and further used to mis-inform internet generation after internet generation of metals noobs who make the progression around the metals blogosphere, being fed false theses that cannot possibly come true because they are not based in reality or actuality.

But hey, at least they’ll do it with serious confirmation bias, and give you some cool motivational quotes along the way so you don’t lose “faith,” right?   I’m sure Jesse will give you some cryptic quote about liberty or freedom to cling to… Harvey will just make up nonsense about the COMEX delivery process, which he  – beyond the shadow of a doubt – does not understand the working of, and tell you that VERY SERIOUS THINGS will happen really soon… Tyler will repeat falsehoods about how the metals futures markets work, further confusing those poor ignorant readers who themselves don’t understand.   And they’ll do it all over again the next day.

Unfortunately, dear GoldBugs, I’m not going to spend any more of my time correcting the nonsense for free.     I’ve done my part on this blog to correct metals misinformation, but I’ve lost interest in trying to educate unappreciative Masters of Confirmation Bias who are more interested in being fed falsehoods than in learning the reality of the process.   So I’m not going to write a post about how silly it is for ZeroHedge to talk about JP Morgan “needing gold to meet massive delivery demands” on the COMEX.   I’m not going to write a post explaining how the COMEX delivery process works to Harvey Organ, and explaining to him and his poor readers how the vault inventories are a completely separate process from the delivery notices.  I’m not going to write a post about how all of the “printing money” crap is inaccurate (although others already have).

I will simply repeat this fact:  when your theses are based in false foundations, you can only be “correct” out of dumb luck.   One shouldn’t be surprised when the predictions made by charlatans who rely on nonsense themselves turn out to be nonsense.

I was in the car today listening to Blues Traveler, and the chorus from Go Outside and Drive resonated with me…  Sounds kinda like the game plan of those charlatans who peddle confirmation bias:

But these are the things we tell ourselves
Eventual stories designed to amuse
It’s a game we play and we play it well
In fact we’re so damn good that we try to lose

If you want me to educate you on this stuff, I mean this in the nicest possible way – in the words of Paulie from Goodfellas: fuck you, pay me.


Greed + Confirmation Bias is a Disaster

You’re Absolutely Right

When Your PM Blogger Doesn’t Understand How ETFs Work

Debunking Misleading Silver Posts With Pure Fact

Facts: The Enemy of the Precious Metals Blogger


note: NOWHERE in this post did I make any bearish (nor bullish) price predictions for either gold or silver.  I have no positions in the metals right now. By the time you read this, I may be long, short, or still flat.

also, the term “goldbug” always seems to strike a nerve.  Let me explain, *again*: being bullish on gold does not make one a goldbug.  Clinging to gold as a religion makes one a goldbug.   Ignoring facts and reality in favor of confirmation bias to support false theses makes one a goldbug.

ps – there are two more things that goldbugs have a hard time understanding:  1) I’m not bearish on precious: I’m bearish on precious metals NONSENSE.  2) if gold went to $2000/oz tomorrow, it wouldn’t make the charlatans any less wrong.  What they are telling you is factually incorrect, regardless of where the price of gold goes.


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