To put things into context:

The 1966-1982 gold bull increased from $35 to $850; a 24x increase. Now *that* is a bubble.

The 1982-2000 stock bull saw the DOW increase from 1000pts to 12000 in an 18-year period.
Nobody complained about 12x in 18 yrs.

Yet this gold bull has managed 4x in 10yrs and people call it a speculative bubble.

Oil was $10 back in the late 1990's. It's up several-fold (having been $150 a year or so ago). Nobody is calling it a bubble.

Gold seems likely to manage another triple or more - like any other good bull market - before it finally ends, probably around the middle of the next decade.

But at this time, gold has run up quite a long way and is temporarily overstretched.