the gold etfs (GLD, PHYS, SGOL=billions),
the gold miners (ex:Newmont $27 billion,Yamana -14 billion market cap)
bullion sold on the CME,
bullion sold from the US mint (hundreds of millions)
bullion traded and held by sovereigns (trillions)
This market IS massive but represents only a small percentage of the dollars traded compared to the overall stock market.
I think the "gold is not in a bubble because it is not front of mind for most investors" is not empirical evidence of gold not being in a bubble but anecdotal.
Because the gold market is very large, unlike virtual non existent markets like rhodium, interest would show up if there were a mania.
That interest has not yet developed.
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