IMHO the Tech wreck induced by rampant hyper unreality of the 1990's was a precursor condition enabling the rise of the GOLD/commodity bull. Ever since this event 'Bubble' has been the buzz word thrown around as the answer for any market on the rise. There's not too many main stream pundits that aren't calling the Gold bull a bubble. But more importantly the general public are more cautious these days to approach any market that has this tag placed upon it by the main stream (except for real estate, go figure). Even my Super fund which is pure commodity based gets a cautionary note every quarter report from the fund managers.
Gold is currently in a mega bull run, and undoubtedly will see a Bull market sell of in the near to medium term. But no way is it a bubble. Evidence of previous psychology have produced the necessary conditions for this market from an emotional standpoint :)
