Wrong. Sometimes value changes. In fact, a lot of time value changes.
This is another part of your problem. EMH is more of a way of looking at the world than anything else. It is basically a tautology for most of its proponants. Bob Murphy has covered this quite extensively actually…
My Response to John Cochrane (Who Was Responding to Krugman)
Ten Things I Hate About the Efficient Markets Hypothesis
Following the Efficient-Markets Hypothesis into Absurdity
And here’s a nice one from Stefan Karlsson:
Of Course Investors Can Beat the Market
Again, prices change many times because underlying factors change. That’s the way markets work. But as for silver, you have to throw in this too.