From Sovereign Man:

After more than a decade of year-over-year appreciation, many people are wondering if gold is just another bubble waiting to burst. No commodity or asset class in our historical record has ever shown such long-term growth, and consequently, the "B-word" is being tossed around regularly in financial media.

... Ultimately, a bubble isn’' something whose price keeps going up. It's something that is steadily expanding, supported by nothing but hot air.

The exponential growth in Facebook users (or other digital platforms like Skype, Angry Birds, etc.) is underpinned by perceived value... not hot air. The growth in FBI background checks and firearm sales is underpinned by legitimate consumer demand, not phony speculation.

The growth rates in U.S. citizenship renunciants and U.S. government Google-user requests are equally underpinned by a legitimate (though unfortunate) trend of declining liberty. This is certainly not hot air.

The value of gold is...

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