this post was submitted on 26 Nov 2025
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These people are gold bugs and crypto enthusiasts. In other words, libertarians.
They like to spread fearmongering message about the dollar collapsing to their audience, so if you don’t invest all your life savings into gold and crypto right now, you’re gonna lose everything. It plays on the fear of missing out mentality. I suspect a lot of boomers fall for this shit easily.
Crypto is bullshit but I wouldn't sleep on the value of precious metals as of now. I personally made a decent buck on palladium during COVID and am holding onto some as you can check for yourself the futures chart right now. Is precious metals absolutely useless during times of economic peace? Sure. But we aren't there right now and I don't think we're going back for a while.
Gold is a bit more of a complex thing to trade/stack and I'd argue that it's value only really becomes a good "offload" when it spikes during geopolitical events in my use-case. I don't think there's anything particularly wrong with being a goldbug, just thinking it should replace the standard of trade/the base value of currency is dumb imo. They aren't wrong though that in times of economic distress, there are metals that SPIKE up in value and maintain their value. The 5y chart for gold isn't anything to sneeze at.
Here's a ten year chart for Palladium.
I don't know about you but some of those "goldbugs" are making very much of a killing when they deal in other precious metals or "stack upwards" to gold as not only the metals they trade such as them stacking platinum into gold during 2014-15 because the price of all those metals have continuously gone up without a major drop besides for rhodium and twice for palladium in TEN years.. I've known a few and while I lament their ideology and their idealism regarding Bretton-Woods and the gold-standard but I can't deny that with the state of the U.S economy, their precious metals have held their value far more than the U.S dollar.
Palladium likes to spike with major economic downturns. The dot.com bubble did a number on palladium prices, so I am curious on how the AI bubble will affect it as well.
Who knows, maybe some major crash will happen. The major gold reserve found in China and Russia off-loading gold haven't even done a big number to the market yet.
So what? You can speculate on precious metal all you want and become rich, but it has nothing to do with the macroeconomic policies that governments can do to improve the lives of the working people.
Gold and crypto cannot replace fiat monetary system. The Bretton Woods collapsed precisely because of this, but libertarians continue to believe in their natural interest rate nonsense so they extrapolated that the dollar will collapse one day. It won’t stop being a speculative asset that can let some people make a lot of money, but it’s irrelevant from a macroeconomic perspective.
Remember that most of us Marxists/MMTers are not interested in accumulating personal wealth, we are interested in understanding how to use macroeconomic policies to help people who are suffering under capitalism, to understand what are the economic policies necessary to build socialism, if you will.
Yeah, I know, I said this specifically.
"So what", my point was that collecting/speculating on gold is still a very good way to make money and I suspect that it will lead to a significant amount of profit if you were to do so with current events.
That was my point with the price charts and additionally to point out that these precious metals, if you can afford them, are a good way to hedge against inflation. That is basic "financial advice", sure but I wonder if a mid-sized organization should invest in gold for their treasury as it hedges both against inflation and is immune to your typical shenanigans involving sanction or embargo say against members that had their bank accounts frozen or other situations like that. I was not advocating for libertarian or gold-bug ideology.
Personal wealth isn't my main focus either but it's something that's certainly nice to have so you can actually organize, participate in action and be a functional human being (being able to afford basic necessities, etc). Having a speculative hobby or something that can make cash on the side certainly helps me with that.