Every time an article like this one from Forbes or this one by Nouriel Roubini crosses my computer screen on the subject of the current "gold bubble," it gives me quite a chuckle because we've become so used to calling things bubbles that, understandably, anything that looks like it's going up too fast gets that label these days.
The funny thing is, according to this data at Google news, the media has been calling gold a bubble for, not only years now, but decades. (Click to enlarge)
I could be wrong here, but my understanding of how bubbles work is that they materialize rather quickly, are fueled by media coverage toward the end and then they burst spectacularly - like the stock market bubble, the housing bubble and the credit bubble.
The news coverage that you see above for the "gold bubble" looks nothing like the other three, rising gradually since 1970; the early-1980s gold price peak is almost imperceptible in the graphic. The more you think about it, the more clear it becomes that William Buiter's recent commentary may be on the mark - gold may be in a six thousand year bubble and may have another six thousand years to go before it bursts.