Comment: That's a very weak argument

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That's a very weak argument

The smaller the market, the less widespread the interest has to be in order to create a bubble. Trying to extrapolate from things that were true about a bubble that affected the entire stock market, to concluding that those things must be true of every bubble, is bad logic. And counter-examples aren't hard to find.

How many people knew about uranium mines during the uranium price bubble?
http://en.wikipedia.org/wiki/Uranium_bubble_of_2007

Did you hear any cab drivers asking how they could buy rhodium miners in 2008?

How many people do you know who could name three large rice farming corporations in 2008 when the price quadrupled?

Etc.

That doesn't prove that gold *is* in a bubble. The point is just that the argument is weak. On the other hand, the guy probably wouldn't be using weak arguments to support his view if he had strong arguments.