Gold is only trading 7,54% above the 50WEMA and 17.71% above the 100WEMA, so compared to 1980, Gold is NOWHERE near a Bubble.
The same counts for Mining stocks, as measured by the HUI Index, as it is trading roughly AT the 50WEMA and only 5% above the 100WEMA:
When we look at the Gold-to-Dow Jones ratio, we can spot a nice uptrend, but nowhere near going vertical.
However, when we look at the last 12 years, we can see that when price was 30%+ above the 200WEMA or 15%+ above the 50WEMA, it was time to be cautious. On the other hand, when the ratio was 10% below the 50WEMA and 200WEMA, this offered some nice buying opportunities: