Blogger Weighs Question of Gold Bubble.

That blogger is Raphaël Kahan, who's put together several metrics stretching over the past forty years to see whether or not gold's in a bubble. Most of his metrics show gold as not being undervalued, but only one - gold in comparison to the CRB commodities index - shows bubble-like behavior. He explains that this frothiness could be drained by commodities rallying too, which he expects.

He concludes that gold is not in a bubble, the gold bull market's intact, and a further drop to $1000/oz represents a buying opportunity.