> There's nothing magic about speculators that enable them to get higher prices.
> For example, the only reason a seller sells to a speculator is if the speculator offers to sell at a higher price than others.
Yeah, it's not magic.
If there was not speculator in the middle, buyer would look for another seller, who probably could have lower price. And that seller could sell at still higher price, because he doesn't have to pay speculator for finding him a buyer. A little more work for seller and buyer, but because speculator makes this work, doesn't negate "just extracting value from being in the middle".
> For example, the only reason a seller sells to a speculator is if the speculator offers to sell at a higher price than others.
Yeah, it's not magic.
If there was not speculator in the middle, buyer would look for another seller, who probably could have lower price. And that seller could sell at still higher price, because he doesn't have to pay speculator for finding him a buyer. A little more work for seller and buyer, but because speculator makes this work, doesn't negate "just extracting value from being in the middle".