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I want to start with one fallacy that applies particularly well to Gold since the end of the gold standard in the form of Bretton Woods in 1971.
1. The Thanksgiving Turkey Fallacy.
This is one I learned first through Taleb's books. Some put forward that goldbugs are constantly like chicken little worried about the sky falling and worried about financial doomsday.
The anti-gold buggers say everything is fine and will continue to be fine. The economy is managed well, booms and busts are smoothed out, fiat money is fine, derivatives are not a huge risk, and that everything is just dandy.
That's exactly the situation of the Thanksgiving turkey. He's comfortable and well cared for. Food is plentiful and lodgings are good. Every day is just like the last and life is absolutely wonderful.
We know how that ends.
Please feel free to add any other pearls.
