The Gold Bubble? What Gold Bubble?

Monty Pelerin produced the following list on his blog today:

COMMODITY PRICE % INCREASES YEAR OVER YEAR

Agricultural Raw Materials 24%
Industrial Inputs Index 25%
Metals Price Index 26%
Coffee 45%
Barley 32%
Oranges 35%
Beef 23%
Pork 68%
Salmon 30%
Sugar 24%
Wool 20%
Cotton 40%
Palm Oil 26%
Hides 25%
Rubber 62%
Iron Ore 103%

Commentators are often speaking about Gold as the mother of all bubbles.  Gold is up 30% over the same one-year period. Why do people talk about a gold bubble? It would make more sense to talk about an iron ore bubble, a rubber bubble or a cotton bubble. What about the oranges bubble? The gold bubble? What gold bubble?

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