Gold (coin) bugs: No, we're not crazy for buying

Gold and silver coin sales surge

Give the gold bugs credit: They're resilient.

Even in the face a steep price swoon and a variety of other factors that seem to be lining up against the yellow metal, true believers have been stepping in to buy physical gold at a robust pace.

But before you start fitting them for tinfoil hats — the kind that folks who fear alien invasion and the end of times might wear — consider that gold advocates believe their reasons are sound and not based on preparing for the apocalypse.

"That's not why I buy it. It's got nothing to do with the end of the world for me," said Peter Schiff, CEO of Euro Pacific Capital and perhaps the most prolific standard-bearer of the gold crowd. "If the world's going to end, gold's not going to do you any good, either. I'm buying gold because of its monetary properties."

Buying gold, however, has been a losing strategy for quite a while.