When the casual speculators are getting burned for underestimating the price, it's unlikely their kind of speculation is important.
I'm agnostic about what types of speculation are driving things, but lets not pretend that this is all just about simple demand and supply.
lets not pretend that this is all just about simple demand and supply.
On whose side should the burden of proof be? In the long run, we're all dead. John Maynard Keynes
On the other hand, Jerome rightly points out that on more than one occasion a rally has been caused by speculators rushing out of big bets that the price will go down. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
This is definitely not what is happening with oil and commodities. In the long run, we're all dead. John Maynard Keynes
