AskDefine | Define goldbug

Extensive Definition

The term gold bug is a (sometimes pejorative) term used to describe investors who are very bullish on buying the commodity gold (XAU - ISO 4217).
The term was popularized in the 1896 US Presidential Election, when William McKinley supporters took to wearing lapel pins, gold neckties, and gold headbands, in a demonstration of support against the "silver menace", though the term's original use may been in Edgar Allan Poe's 1843 story "The Gold-Bug," about a cryptographic treasure map.
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