If gold was money you'd earn interest instead of having to pay to store it. The reality is that it's worse than money because it's still worth less in inflation adjusted terms than it was when in peaked in 1980:
Gold is nowhere NEAR a bubble... Get a room of 100 professional investors, and ask them what percent of them have at least 10% of their money in physical metals... The answer will be MAYBE 5% of them....MAYBE... I will do a poll to see how close this is...
And prove nothing. How many professional investors owned the dotbombs or rather how many had a great percent of their portfolios comprising them. Gold is and will always be highly speculative therefore they won't own much percentage-wise. Also this notion that something has to be at or above its inflation-adjusted price to a bubble is just plain wrong too.
gold could be at 5000 years and years from now, but it could also be at 400 again first. commodities never go straight up over hundred year periods. in fact they retrace 70-90% of value many times
The smoke and mirrors amchine has to run out sometime. Reguardless of market manipulation commodities are worth some thing. Gold has only few reasons for a down side. Governments are scambling to stick the bill to something or anything not to have to pay their debt. Holders of gold and other commodities will be rewarded. In a world of the law of the jungle and caste peoples cultures no the value of gold. It is the old way and it works. Fiat currencies do no more than make inflation worse than it already is. Future earnigs and past debt are real. It si failed expieriment in forcasting. People always want to believe in a happy ending. I am waiting for EU to ask the SWISS to bail them out. Gold wil have an upside but $ 5,000 USD might take a while. A bussiness that zeros out there books at the end of the day knows where it stands. Businesses that massage thier numbers to create a perception are only releasing the hounds. Welcome to Neo Fuedalism, Akuma I do like Rhodium at these prices though.
gold would be trading at barter unit to other commodities in a depression. ie a chunk of gold gets u a cow.
A hyperinflationary depression, Gold will trade at insane levels in nominal terms. Deflationary depression , Gold can fall pretty damn hard but at least it's an asset that can't be printed out of thin air.