How close is Gold to the bubble stages? Not that close according to the Aden sisters:
Mega bull markets also take time to run their course and this time will unlikely be an exception. Bull markets tend to end in euphoria, when everyone’s invested and they can’t get enough of it. Gold is far from this.
Comparing the current 10 year gold run to the 12 years leading up to the 2000 tech explosion in the stock market, and gold’s bull market in the 1970s, you can see that gold’s rise is still tame (see Chart 1). A bubble is still well into the future.
Here is their chart, comparing Gold today to the previous Gold bull market and the Nasdaq:
Read their full missive at 321Gold