The Gold Bubble?... how much more to go?
I think its healthy to constantly be on the lookout for "the top" in gold.. if we ever stop doing that, it'll probaby be at the top!
That said, I do not see the signs that the speculative run is over, or even yet in the third (and most manic) phase.
First and foremost, the price of gold has been at or near this level for about a year.. we haven't seen that rocket spike up that you see near the end of the mania.. I'm talking about the price of gold doubling within a few months time.
quick..ask someone on the street to name a gold mining company. Just one... I'd say 90% of them could not... during the internet bubble, AOL, CISCO, DELL, NORTEL, even weird stuff like JDS UNIPHASE and PMC Sierra, as well as Qualcomm became household names, like GE, or Chevy.
Finally.. do you see legions of Americans taking to the fields with their pans and picks taking up the new hobby of "gold prospecting"? Has "I want to find a Gold Mine" debuted on network TV?? How about "Flip this Necklace"?, where the show is all about buying gold necklaces, polishing them and selling them a week later for a 25% profit?
Have we seen that yet?
Have we seen the major colleges recruiting throngs of high school kids in to mine engineering, and geology jobs instead of brokers and MBAs (or computer tech geeks?)
So far, we haven't seen any of that
and we have yet to see some piece of garbage penny stock company with a shady CEO out of Alaska rocketing from $1 to $100 on news of a giant gold find in the Arctic....
We will, though
Verily, verily, I say unto you, all of these things shall come to pass, before the end.