Fair enough, but how long has that (for gold) been going on? Gold has just lost 2 years of gains but is still more than a double over the last 5 years.
I’m not especially trying to invalidate your comment, I’m just saying that if I take it as the only salient truth involved, then one must define the “bubble window”. I sold a piece of property in 2002 that I thought had achieved its maximum conceivable value, only to see it more than double over the next 5 years.
And, there are bubbles and there are bubbles. If I take the low low price of gold in 2001 circa $250 and the highest high of $1900 a couple of years ago and average those prices I get $1075. Nobody can predict the future, but could gold go that low? Maybe, it would be at almost the cost of extraction.
I am concerned about the double top formation on gold, I will admit, but the velocity of the rise in gold has been very, very gradual, very non-bubble like. Silver is a different story, especially its behavior over the low 30’s.
Meanwhile, there is no shortage of vendors selling stock market trading courses, so is that a bubble?
Some have mentioned the “cash for gold” thing. Those stores typically pay about a third of what the gold is worth and are a pure sucker play. They can handle a serious price whack buying 70% under market!
I don’t think one can take only a single data point, and that goes for just about anything.
The real question is whether the gold claimed to be at the Fed is really there, or whether it’s gold plated tungsten. When the Germans wanted their gold back, the answer was pretty much ‘sure, later.’