That graph isn't inflation adjusted. With adjustments gold would need to be over $2,400 an ounce to match its 1980 high. The reason why the 1980 bubble burst is that interest rates were jacked up, something that the Fed isn't going to do for the forseeable future because it is more in their interest to see the debt in real terms eroded by inflation, rather than made even more painful with high interest rates.
When you see interest rates rise significantly over inflation, then you will see gold crash, but the circumstances simply do not exist to make that an attractive option for either the Fed or the US Government...
1979 may have been a bubble, but with a more honest and revealing chart, today's rise is MUCH different (pay attention to the slopes of the rises then and now):
