....
5 signs.
1. Asset prices increase like a rocket.
2. Even the general public talks about investing in it.
3. Everyone is a winner.
4. people who did not invest before invest now.
5. This time is different syndrome.
The only one I could say yes or maybe to is number 1 all the rest are a no.
I disagree with your analysis.
1/ Yes. Although signs of peak evident.
2/ Yes. Gold buying & selling shops everywhere.
3/ Yes. It's portrayed that way in the ads. And note the rip-off agents selling antique coins, 'GoldLine', et al.
4/ Yes. Look at the ads, people buying coin, demand is higher for retail gold & silver, mints running hot.
5/ Yes, see the claims of coming hyperinflation, Fed 'printing' vast amounts, Fiat currency, Ron Paul, Mayan 2012...
Hindsight was a great answer, but there are signs in some assets when they 'bubble': PE ratio in stock, price to income/rent for housing, $ yield/acre for farmland, bond interest yields vs inflation, etc. The problem with gold is there is no easy comparison except perhaps ratio of cost to production costs, or relative to other assets. It's all about being able to sell it in the future to someone else for the same or more stuff. There is no income stream to monetise the asset.
And on those measures gold looks bubble over-valued right now, IMHO.