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You can spot a bubble, picking the top is hard, for a value investor at least, other asset classes are much more attractive and don't have as much of the threatening prospect of falling off a cliff as much as gold stocks do. Anyway, real world demand of gold has fallen off a cliff, the computer screen trading world of leveraged hedgies have pretty much cornered the market in gold, we know that most of them are short term and will sell sooner or later, which group after them will come in next, I don't think anyone. You really have to think, for example if oil starts beginning to rise, hedgies will dump gold and pile into oil, so you could see oil rise and gold fall, the opposite of that is what I think has happened, hedgies dumping oil and buying gold. For me all assets classes currently look dismal and not much future prospect in the short term atleast, staying in cash.