Gold is not running much ahead of oil or wheat.
http://www.economist.com/node/21256645
Similar results for many other key commodities compared to gold. Is there an oil, coal, iron ore, rice and wheat and rice bubble too?
Still takes 7oz of gold to buy the Dow 30. In 1980 it took 1oz to buy the Dow i.e. would be gold $12k oz now
If there is going to be a gold "bubble" - i.e. a period of higher probably unsustainable gold prices - it has not even started yet. Gold 1700 is the new normal adjusted for supply/demand.
gold price may avalanche, page-105
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