Markets are from day to day only exercises in human behavior. The gold market is a supreme exercise in how even a professional public works.
Last week someone yelled, "Fire in Gold’s theater," and then in the middle of the stampede, someone looked back saying, "There is no fire." His words were drowned out in the din of the panic to all get out through two little doors. All the big high frequency trading computers were ablaze with the cry of "Front run the sellers in stampede, front run the sellers in stampede." The major HFTs known as the Squid was reported to have screamed, "Screw it that this is an illegal act, front run the sellers," (Front running is a criminal act by someone with a defined advantage from or on the floor, in or on the computer trading system acting in front of a legitimate buy or legitimate sell order for profit as the doer of the illegal act. The intent of front running is to force the legitimate buyer or seller to pay more on the buy and get less on the sell. Front running makes no investment decision, but only in micro seconds sets up a trade to block the buyer from buying or the seller from selling. The mechanical premise is that the legitimate investor "muppet" will execute a buy or sell that then is offered to them at a slightly higher for the buy or lower price for the sale thereby making profit for the HFT. The thesis within the algorithm is that the stupid "muppet" will pay a few cents more or sell it a few cents cheaper because there now is a bid or offer made by the high frequency trading machine in the volume that the legitimate order desires).
Even "Suave Locks," the praised CFTC commissioner was nowhere to be seen or heard.
Regardless, Mr. G yelled loudly while hitting a chime and ringing a bell all the time while dancing in circles, and said, "There must be fire because everyone is running. Look! The crowd is in tatters!"
Mr. A calmly and in a professorial tone reported to have issued another of his declared infallible proclamations stating there is a fire because look back 1400 years and see this is the exact time of day and day for a fire. Everybody run, the Mayan cycle calendar says this is the exact time for a fire. Anyone not heeding will certainly go up in flames. Anyone not heeding my words of aged wisdom is clearly an imbecile plotting with the legal system to get me. Anyone not heeding me will be banned from my private and extremely costly seminars wherein the total knowledge of all that is needed to be known of the experience of Mammon is available in exchange for lots money.
Back in the theater only a few calmly remained. Strangely, with such statements, chimes, bells, dancing and proclamation there is no smoke to be seen anywhere in the theater.
Those remaining are the Sitting Bulls.
Suddenly there was a rush back by paying theater clients that had not been injured in exodus to return to their seat for the rest of the movie. Unfortunately their chairs had been destroyed in the stampede out and they had to pay an additional fee for a tattered rug to sit on.
The movie is called "The Life and Times of Jesse Livermore."
Patience (or forbearing) is the state of endurance under difficult circumstances, which can mean persevering in the face of delay or provocation without acting on annoyance/anger in a negative way; or exhibiting forbearance when under strain, especially when faced with longer-term difficulties.