'Commodities' as Religion

Gold has been a religion since the first chunk surfaced in ancient history. Of all the commodities, it's always held this religious status. You're either a gold bull, or your a bear and there's not back and forth. That's why they call them gold bugs. Cryptocurrency is turning into the same thing, an existential commodity with religious-fanatic undertones. It's pretty easy to see how that happens, especially since it's something we can't see or touch (like deities). Blockchain--the tech that unpins cryptocurrencies but is so much more--is also shaping up to take on religious proportions. But I'm increasingly starting to fell that crude oil is going down that same path--a very polarizing one thanks to the rise of US shale to counter OPEC and the whittling away of the fundamental supply/demand story in favor of futures contracts and speculation. But more so now than ever. I feel like it's become a religion to be either bullish or bearish on oil and that that has become more solidified in the past year. 

Share this post

Link to post
Share on other sites
Sign in to follow this  
Followers 0