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* a person who opposes or criticizes the use of [[fiat currency]] and supports a return to the use of the [[Gold Standard]]<ref>Gevinson, Alan. [http://teachinghistory.org/history-content/ask-a-historian/25222 Silverites, Populists, and the Movement for Free Silver]. [http://www.teachinghistory.org Teachinghistory.org], accessed 18 December 2011.</ref> or some other currency system based on the value of gold and other hard assets.
* a person who opposes or criticizes the use of [[fiat currency]] and supports a return to the use of the [[Gold Standard]]<ref>Gevinson, Alan. [http://teachinghistory.org/history-content/ask-a-historian/25222 Silverites, Populists, and the Movement for Free Silver]. [http://www.teachinghistory.org Teachinghistory.org], accessed 18 December 2011.</ref> 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".<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 |archiveurl=http://web.archive.org/web/19981202233021/http://web.mit.edu/krugman/www/goldbug.html |archivedate=2 December 1998 |title=The Gold Bug Variations |last=Krugman |first=Paul |authorlink=Paul Krugman |date=22 November 1996 |work=[[Slate]]}}</ref>
* 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 |archiveurl=http://web.archive.org/web/19981202233021/http://web.mit.edu/krugman/www/goldbug.html |archivedate=2 December 1998 |title=The Gold Bug Variations |last=Krugman |first=Paul |authorlink=Paul Krugman |date=22 November 1996 |work=[[Slate]]}}</ref>
*A person, often with views summarized above, that subscribes to [[Conspiracy theory|conspiracy theories]] relating to gold and silver, 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]].<ref name="As price of gold falls, conspiracy theories rise">{{cite web | url=http://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 | publisher=The Globe and Mail | accessdate=26 July 2014}}</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 | publisher=Market Watch | accessdate=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 | accessdate=26 July 2014}}</ref> However such persons are widely dismissed by reputable economists, business leaders and government officials as cranks and their views as fringe.
*A person, often with views summarized above, that subscribes to [[Conspiracy theory|conspiracy theories]] relating to gold and silver, 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]].<ref name="As price of gold falls, conspiracy theories rise">{{cite web | url=http://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 | publisher=The Globe and Mail | accessdate=26 July 2014}}</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 | publisher=Market Watch | accessdate=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 | accessdate=26 July 2014}}</ref> However such persons are widely dismissed by reputable economists, business leaders and government officials as cranks and their views as fringe.<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 | accessdate=26 July 2014}}</ref>


The concept, in the second sense, was popularized in the [[1896 US 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 "[[Bimetallism|silver menace]]."<ref>Mieczkowski, Yanek and Carnes, ''The Routledge Historical Atlas of Presidential Elections'' (2001), p.176. ISBN 0-415-92133-3</ref>
The concept, in the second sense, was popularized in the [[1896 US 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 "[[Bimetallism|silver menace]]."<ref>Mieczkowski, Yanek and Carnes, ''The Routledge Historical Atlas of Presidential Elections'' (2001), p.176. ISBN 0-415-92133-3</ref>

Revision as of 16:29, 26 July 2014

For other uses, see Gold bug (disambiguation).

In economics, the term gold bug has three common meanings:

  • an investor who is very bullish in buying the commodity gold (XAU - ISO 4217).[citation needed]
  • a person who opposes or criticizes the use of fiat currency and supports a return to the use of the Gold Standard[1] 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".[2][3]
  • A person, often with views summarized above, that subscribes to conspiracy theories relating to gold and silver, 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.[4] [5] The Gold Anti-Trust Action Committee (GATA) is a small but prominent promoter of such conspiracy theories within the gold bug community.[6] However such persons are widely dismissed by reputable economists, business leaders and government officials as cranks and their views as fringe.[7]

The concept, in the second sense, was popularized in the 1896 US 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."[8]

References

  1. ^ Gevinson, Alan. Silverites, Populists, and the Movement for Free Silver. Teachinghistory.org, accessed 18 December 2011.
  2. ^ Konczal, Mike (21 January 2011). "Kristol, Kalecki, and a 19th Century Economist Defending Patriarchy all on Political Macroeconomics". Rortybomb.
  3. ^ Krugman, Paul (22 November 1996). "The Gold Bug Variations". Slate. Archived from the original on 2 December 1998.
  4. ^ "As price of gold falls, conspiracy theories rise". The Globe and Mail. Retrieved 26 July 2014.
  5. ^ "Paranoids have enemies, radical gold bugs have Wall Street". Market Watch. Retrieved 26 July 2014.
  6. ^ "About GATA". GATA. Retrieved 26 July 2014.
  7. ^ "GATA and Gold: The Truth is Revealed". The Motley Fool. Retrieved 26 July 2014.
  8. ^ Mieczkowski, Yanek and Carnes, The Routledge Historical Atlas of Presidential Elections (2001), p.176. ISBN 0-415-92133-3

See also

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