The gold bubble has busted before, just like the market.
That is why it is all Texas Hold-em...and so many of these leveraged short term traders will end up holding the bag as always.
I learned my lesson back in 99 on stocks, and on gold I screwed up in 76 or there abouts.
The lesson is to never get caught with the bag.
In the late 70’s I learned that gold could be a useful part of my college fund even though I was just into collecting coins. I missed the boat in the 90’s almost completely, so no lessons learned either way. Now I recognize the symptoms of a credit bubble, the only way to keep it going is lower rates and ultimate destruction of the dollar. I don’t say that lightly or the least bit gleefully. I also believe the American economy will retain significant strength throughout the ordeal.