Gold price rockets up as a natural haven during the turbulent financial markets. It is a reflective type behaviour from the past when gold played a very specific role in finances. Currently, gold is a normal commodity with its price fully driven by the market. Therefore, the rocketing gold price likely repeats the trajectory of house prices before 2006.
Some experts say that it was a bubble in sense that the house prices were speculative. Gold can not be an exclusion from a "normal" market behaviour . When the market players understand this simple rule the price will plummet down. I expect this fall in 2011 because the negative tendency in economic performace has no alternative and there is no really safe haven for assets.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.