You probably think gold is in a bubble. After all, it hit new highs in dollars, pounds and euros this week – and has pretty much quintupled since its lows of 2001.

What's more, everyone from Germany to China is still nuts for it. Earlier in the week, the FT reported that the Germans have been snapping up coins and gold bars faster than they did even in the aftermath of the Lehman Brothers' collapse. In the UAE, you can buy bars direct from a vending machine. At Harrods, you can pick up a variety of gold coins over the counter. And – as the gold bears are keen to point out – you can see ads for the purchase of gold all over TV...

http://www.moneyweek.com/investments/precious-metals-and-gems/why-gold-is-not-in-a-bubble-02103.aspx