"For every trader who bets on a price rise, there must be another who bets the opposite."

What! The logic of this post escapes me. He appears to be claiming that every speculative buyer has to be buying from some seller who's willing to sell at that price, and that therefore, speculation can't be pushing prices up? How does that follow? Isn't that how prices rise and fall on the stock market every day? Isn't the issue that when speculators with lots of funds enter a commodity market, the prices begin to fluctuate much more wildly (because you suddenly have lots more players willing to shell out much more cash in the hopes of making a larger profit down the line)?

I don't know..

My second favorite economist, Russell Roberts, says this,

"blaming speculators for high prices has always seemed to me like blaming the thermometer for how hot it is."