Market Watch: Gold is a popping bubble, too

Back in May, I wrote about how gold would not be making a comeback. But just last week, when I penned a column about five bubbles that investors should watch, gold didn’t make my list.

A few people wrote, via comments or emails, to ask me why. And the answer is simple: I am tired of the great gold debate, and feel like I’ve already said what I have to say.

But if you really want to revisit this, I do indeed think gold is a bubble, and that the precious metal has more declines ahead in 2013.

(Goldbugs, you can now skip the rest of the column and proceed directly to the comments section. The person who makes the 100th mention of “printing money” wins a free T-shirt.)

Anyway, there are some key points I’d like to make to those of you who are still reading: that a deep and rapid selloff doesn’t inherently mean the worst is over, that ETF outflows continue to assert negative pressure on gold, and that breakeven prices (if true) do not mean miners will stop mining.

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