Billionaire George Soros is investing heavily in gold, if that makes a difference. After all, Soros did predict the financial collapse that started in 2008. But Soros also says gold is in a bubble.
So I guess it's all about the timing.
Here's an article on gold investing.
A bubble in, say, shares, stocks or commodities happens when people believe it will "go up and up" (and is, as a rule, as with housing recently and "tech" stocks at the beginning of the millenium, again mainly driven by money inflation). Gold in contrast is a hedge against inflation and against looming sovereign defaults. Inflation by definition is the increase in money supply. There's no doubt that this has happened several fold in only two years. So there is inflation. Hence there is no gold bubble, as gold has not appreciated by a tenth even of what the monetary base has expanded!