At every recorded price, there is an exchange. For every buyer, there is a seller. Gold has a price. Someone is selling gold. Why? There are several possibilities. (1) He thinks the price of gold has peaked. (2) He thinks he has a better use for his capital. (3) It isn’t his gold; he’s selling it on behalf of someone else. If “someone else” is the electorate, then the seller can do what he wants. Voters have no meaningful understanding of gold. In this respect, they are a lot like University of Chicago economists. Who are the major sellers of … Continue reading The Sellers of Gold