Gold isn't a good example of any market principle because of its historical and symbolic significance. There's a reason the term "gold bug" exists but not "wheat bug", and there's a reason it was a perfect match for Glenn Beck's theatrics. Who hasn't had a conversation in a bar about the price of gold? Who has had a conversation in a bar about the price of sugar or aluminum? Gold is a magnet for all kinds of emotion, from paranoia to get-rich-quick mania.
Gold is the longest term example I can think of, but it's hard to believe that the stock market game is not a significant percentage of the price of AAPL and that it's solely fundamentals. Stocks in general get that same goldbug enthusiasm when people plan for retirement - buying stocks is partly based on fundamentals, but partly an act of faith in the game.
Are you asserting that almost everything is priced according to fundamentals over the long term, with the single exception of gold?
