Not restricted to just gold, but anything really, is distinguishing the difference between a "bull run" in something and a bubble. I guess the fact that there are many of us saying that it's a bubble may mean that it's not truly a bubble yet, like a "mania". If it were, even I would be saying, "Yes, I know gold is high, but I think there's convincing arguments that it will keep going higher--much higher. I really, truly, honestly think that this time things are different, so I really need to buy more gold at whatever price I can get it for."

And I don't pretend to be an economic sage. I bought a house in 2007, just before the subprime bubble burst. I thought the chances of a major downturn seemed remote to nil at the time, just like everyone in the final stages of a mania, whether in real estate or tulip bulbs. How wrong I was!