Seems that most PM gurus are gold bugs. Gold bugs just have an unshakeable faith in their story - endless expanding government debt and money printing, gloom & doom, etc. Gotta admit it is rather compelling, but the market no longer buys it.

For the gold bugs, it's more of a religion than proper market analysis. So, it's not that they don't understand market cycles, it's just that they turn a blind eye to any information that contradicts their mantra.

So for them, when gold sells off, it's not due to normal market forces or cycles, it's some kind of manipulation or conspiracy.

Ultimately, gold is just a metal with no known intrinsic value, it's worth what buyers and sellers think it's worth. And that's the only thing that matters.