Bubbles are normally driven by some kind of irrational exuberance and they aren't backed by sound financial logic, like the tech bubble in 2000 and the housing bubble in 2008. The value of the dollar continues to drop rapidly, and devaluing the dollar has been policy for decades, which would explain the move in gold. Recent inflation as well. I'm not sure what the rationale would be to call it a bubble. I'm all about bitcoin. I don't own gold. But I think the recent moves in gold seem justified and based in reality, not some over-the-top speculation. I also think bitcoin drains a lot of the capital out of gold in the coming years.