We find it interesting that amidst the talk of a “Bubble” in gold, Market Vane’s bullish consensus figures are… and have been… hovering at 70%. Bubbles occur when the bullish consensus gets to 90% and above, and even then it must be there and stay there for several weeks before corrections of consequence develop.
Bubbles don’t occur at 70%. 70% bullish enthusiasm for gold is really quite normal. Certainly it is not “Bubble-y.”
He may be referring to the climax of a bubble, but I agree with him on his call. There isn't the kind of auto-catalytic rise that's characteristic of a bubble yet.