If this is true, there are some basic things always true about a bubble, and one of them is that the bubble always goes on far longer and gets far bigger than anyone ever expected.
I don't think precious metals are a bubble, but simply one of a group of alternate currencies. Right now we are seeing them grow simply because folks at the top are nervous about the role of fiat money (paper that is money just because a government says it is). We have not seen the kind of mind numbing price explosions that will occur when the man on the street loses total confidence in the paper issued by governments.
When THAT occurs, I think I will no longer be a buyer of gold and silver, but might try to exchange it for land or investments or commodities.
We are still along way away from that.
Gold Rallying to $1,500 as Soros's Bubble Inflates - Bloomberg