Why do some people say gold is in a bubble?

Why do some people say gold is in a bubble?
Real economic environment today is a government who makes American products too expensive to compete, a Fed Reserve inflationary policy and a mountain of debt that us tax-payers can not cover.

I invest and broker in precious metals because I agree with guys like Peter Schiff who they laughed at in 2006 when he forecast the housing collapse.
Consider that the US dollar is just worth 70 cents compared to 7 years ago and that means that the Dow at 12700 today is more like 9000 points in terms of real value.
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