Comment: But did you miss the real point there?

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But did you miss the real point there?

Here's the argument being made:
(1)When the stock market was in a bubble with the dot com boom, it seemed like everyone in America was excited about investing in tech stocks.
(2)Therefore, if there were a bubble in some other market, it would seem like everyone in America was excited about investing in that market.
(3) If there were a bubble in gold, then it would seem like everyone in America was excited about investing in gold.
(4) If there were that much excitement about investing in gold, then people would also be excited about gold miners.
(5) If people were excited about gold miners, they'd be able to name at least three.
(6) Most people can't name three mining stocks.
(7) Therefore, gold is not in a bubble.

It's a bogus argument. Step 2 is an unjustified generalization, and furthermore, it's a generalization with numerous counter-examples. That means it's a false statement. That means the argument falls apart before it even gets started.

As for the gold market being worth billions ... is that the GATA number? Correct me if I'm wrong, but to get that you have to count all of the intra-day paper shuffling, and there's a lot of it. If you do the same to the stock market, counting all the trades held for even fleetingly short times, you get a much bigger number. If you look at the total market cap of the stock market, and a comparable figure for gold (total outstanding contracts, miner stock market cap) for gold even though we all know that the number of contracts far exceeds the actual volume of physical gold involved, you'll get a similarly lopsided comparison.

If the guy in the video had a strong argument to make, he would have made it. Him having to fall back to a claim about people not knowing the names of mining stocks smells kind of desperate to me.

When gold is in a bubble, there will be sufficiently widespread enthusiasm about it that you can even find something like a *real estate* podcast that's diverted to talk about gold prices, and the person talking about it will have as shaky a grasp of the subject matter as the dot com investors who thought Cisco was a food service company.