You're right to bring up the 1980s, but the context is key. Gold's price ran up hard to 1980 because of massive inflation in the 70s. The crash then happened because the Fed successfully fought inflation by raising rates to over 20%, which made the dollar stronger and killed the need for an inflation hedge.

Today, we're in a very different environment. Central banks are not aggressively fighting inflation, and the market knows that rates are about to come down again, even with the stock market and gold at all-time highs and inflation above target, and an out-of-control national debt.

The rise in gold isn't based on a speculative chase; it's a direct response to a loss of confidence in the underlying currency.

A bubble is when prices rise detached from fundamentals. But in this case, the fundamentals—money printing and fiscal irresponsibility—are what's driving the price. This isn't a bubble; it's a revaluation of gold to account for the depreciation of the dollar.