Very interesting argument: One reason we know that gold is nowhere NEAR a top is the "need" by politicians to "protect" the public from gold buy scams.
You need money, and see a TV televangelist turned gold huckster. You send them in an ounce of scrap jewelry. You get a check for 300 dollars. He just made 1100 dollars off your ignorance that gold sells for 1400 an oz. This is so common that legislators are making noises about passing some law or other to "protect" the public.
THIS KIND OF PUBLIC IGNORANCE DOES NOT HAPPEN IN A BUBBLE. In a bubble "everyone" is in on the game. Like shoeshine boys giving Bernard Baruch stock tips or cocktail waitresses in Miami leaving business cards to flip condos, tops occur when everyone is aware and everyone is trying to play. Gold and silver are nowhere near that.
Of course, politicians and extremely powerful people do not have a vested interest in whacking back the prices of Miami Condos, so I expect periodic STEEP corrections in the prices of metals, which is why I want it "in my hand" rather than in some leveraged account.