Well gold was at the price you quote of $800 for literally 2 days, having taken a month to double in price which obviously indicated a bubble as that kind of action was previously unheard of in $GOLD and still is to this day!
Now if gold were to double in a month's time from now until February, yeah that's going to be an obvious indication of a bubble. Or if silver triples in a months' time, yeah that's obviously a bubble.
Right now, we're not close to a bubble. Not only would I expect to see inflation-adjusted prices to be met, even if it's based off of the doctored government/federal reserve bank numbers, but I'd also expect to see the gold:silver ratio much close to the historical 16:1 then the current ratio of over 46!
This is one of the reasons why silver has had gains over 5 times larger then gold during this recent run. You're witnessing the unwinding of historically cheap silver prices in relation to both gold and money supply/expansion. The 16:1 ratio is further supported by the consumption of silver versus the collection of gold as well as the above-ground supplies available of each. A common reference point I've been seeing is 10:1. Some people are even saying that there's more gold then silver above ground, I won't go that far, but what I know from the history of gold:silver backed currency, it was always around a historical norm of 16:1 and I suspect it will be again close to that number when the "bubble" either tops out or we once again find ourselves using constitutional-money.
Either way, I think it's pretty said that the COMEX warehouse holds more silver then the U.S. Treasury.
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