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<p>[QUOTE=&quot;medoraman, post: 1577571, member: 26302&quot;]I would counter that the people who actually CARE about PM has always been fairly small. This has been true for a very long time, even when coins were made out of silver and gold why would paper money be so much more popular? Even when paper money was no longer backed by PM people could care less. </p><p><br /></p><p>Given this market has always been pretty small, the new participants are increasing demand MUCH higher than historical demand. Why is it Juan you are defining a bubble as &quot;the largest market share is invested&quot;? Where does that definition come from? My understanding of a bubble is highly speculative buying above its long term value, usually by new participants to a market. After these new participants leave, the market returns to previous levels. This was true of the housing bubble, (people who couldn&#039;t afford houses buying), true in the dot com bubble, (&quot;day traders&quot; and other ill informed investors), so why now all of the sudden are you putting new definitions into what constitutes a bubble? </p><p><br /></p><p>I am not arguing we are necessarily in a bubble. but when people hear I am a coin collector nowadays many times they ask me how to invest in PM. That NEVER used to happen, (I used to get the &quot;oh poor you&quot; look, long time collectors will know what I am talking about). These new participants worry me some, but more worrisome is worldwide new participants. What will happen if China decides its against the party&#039;s interest for citizens to own PM? India has already jacked up import tariffs on gold, and Turkey is intentionally trying to get everyone to put their gold in banks so they can stop importing gold. </p><p><br /></p><p>You are right, there are more new participants internationally than domestic, but all are new participants that we do not know their long term interest in holding PM. That is the danger in these prices, plus when all of the new production will come onstream in response to higher prices.</p><p><br /></p><p>Btw, investors &quot;duped by wall street&quot;? I believe you are insulting individual investors. Where else can 401k plan participants invest their money other than funds in the plan? I am a trustee of one of these, and have made sure our participants have access to a commodity fund at least, something which 99% of 401k&#039;s have not.[/QUOTE]</p><p><br /></p>

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