Wall Street Journal Marginalizes Gold Investors
Editor, The Wall Street Journal:
In a piece of fewer than 500 words purportedly describing the performance of gold prices (Heard on the Street, July 26), your writer uses the word “goldbug” no less than three times. Indeed, it describes the goldbug’s “beloved” metal.
I’m pretty sure it is intended to be demeaning, especially since the very first word of the article is “paranoia.”
Now, nobody uses the term stock bug or bond bug to refer to investors in those markets. Nobody calls someone a real estate bug. The same issue of the WSJ reports that Goldman Sachs is confronting a fine of as much as $1.25 billion for its mortgage securities practices. And yet, despite their wild excesses, nobody at Bear Stearns or Goldman Sachs was ever called a mortgage-backed security bug or CDO hound or anything else for that matter.
But those with an appreciation for gold’s long monetary history and a clear eyed-view of central bank excesses are called goldbugs.
Isn’t this a little out of hand?