Other than 1981, what other times are you referring to Gold being in a bubble in the past ?
From the end of February, 1975 through September, 1975, gold fell from about $185 to about $129 -- a loss of about 30% -- and by September, 1976, the price bottomed out at about $104 -- a loss of almost 45% off the 1975 high.
In February, 1983, gold topped out at about $510, but seven months later, gold was in the $365 range for a loss of nearly 29%, and by February, 1985, gold was down to about $285 for a total loss during that period of about 44%.
From 1833 until 1971, the price of gold grew 97.6% or a mere .71% a year, and while not a bubble, gold failed miserbly to keep pace with inflation or equity investments.
Would you like me to keep going?