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Message:: [QUOTE="World Colonial, post: 2487143, member: 78153"]Most people either don't know the distinction between speculation and investing or rationalize their behavior as "investment" because speculation is considered riskier or imprudent.  Speculation has a negative connotation associated with it while "investing" is viewed positively.  I don't see speculation with a negative connotation, don't see a need to rationalize it either and describe this behavior for what it is. In your initial post here, you also mentioned the rationalization aspect to it.  This exactly what people do and to claim otherwise is totally absurd. It should be apparent from the price level and price structure and especially US coins today that rationalizing many current prices is the overwhelming reason used to justify a purchase.  Instead, many buyers of especially high quality but common (US) coins want to believe that what they are buying is so much better than a similar coin (date, MM, denomination, and maybe country) in slightly lower quality.  If anything is "bull", it is this rationalization. Anyone can buy what they want and like.  The one thing I know though is that these prices aren't the result of increased buyer sophistication or a collective epiphany of their supposed merits versus prior perception.[/QUOTE]