31 Jan 09 Why are economists and speculators comments so influential?

Roger L asked:


When comments are made regarding the stock exchange/commodoties/forex by these people, is this not defamation of a particular currency of a country /stock and why do investors hinge on every word said by them. It is a known fact that the stock exchange/commodity index/forex cannot be predicted by a single entity ( only speculated) and if can be, then it is criminal by insider trading definitions.

Why are investors so dependant on these people who clearly are just guessing. Gold was set to be currently at an all time high and jet it is almost the opposite.

Linwood