Speculators:
are a key source of inflation.
move resources from poor countries to rich counties.
move resources from periods of low-value use to periods of high-value use.
serve no important economic function, except buying low and selling high.
Speculators primarily "move resources from periods of low-value use to periods of high-value use." This function is important in markets as it helps to allocate resources more efficiently, ensuring that goods and services are directed where they are most valued. By anticipating future price movements, speculators can help stabilize prices and provide liquidity to markets, which can ultimately benefit consumers and producers alike.
While speculation can have various effects on inflation and resource distribution, its key economic function is related to the efficient allocation of resources over time.