Let's All Enjoy the Collapse of Gold Prices Together

YouTube commenters have many lessons to teach us. Lessons like: Trayvon Martin was a thug! White people are oppressed! The creator of this particular piece of content is a faggot! Infowars dot com! Invest in gold to avoid being suckered by the reptoid-controlled Fed and its fiat currency!

Actually, though, that last bit of advice wasn't bad. Not the reptoid stuff, sure, but gold was a pretty good investment over the last decade. Until this past week:

The slide in gold prices became a rout on Monday as the precious metal tumbled a further 5 per cent to its lowest level in two years. [...]

Spot gold prices fell as much as 5 per cent to a low of $1,384.69 an ounce, the lowest in two years. The metal has now fallen 26 per cent since hitting a record high of $1,920 a troy ounce in September 2011. Silver joined in the rout, falling 10.8 per cent on Monday to $23.07 an ounce.

Joe Wiesenthal and Paul Krugman agree: we should all be "thrilled" by the gold crash. And we agree, partly for important ideological-economic reasons—

[the rout] offers strong evidence that the goldbug/inflationista view of the world—which says that we need to stop all efforts at monetary and fiscal stimulus lest we turn into Weimar—is, in fact, all wrong.

—but more importantly because a gold crash restores the natural balance of the universe and returns us to a world where YouTube commenters are wrong about everything.

[FT, image via AP]