Have all the bubbles burst? It seems that way, but there is one that has been building for some time, and you have to wonder how long it can continue to grow. Gold bugs have been rejoicing as the market has soared to unprecedented levels, nearly $1,200 an ounce. Hedge funds have loaded up, the likes of John Paulson, Paul Tudor Jones, David Einhorn and others, but this surge has benefited others as well. 

The LA Times reports that lots of Americans are taking the moment to sell out their personal stock of jewelry, betting that this cash-out moment will not come again soon. Tupperware-like parties are being staged by gold wholesalers. There are some good fundamental reasons why the market will continue to rise: Central bank buying, low rates and the weak dollar for example. But this cannot last forever. Just like the dot-com boom and the subprime boom, it will correct. It's just a matter of when and how. It could be long time before the price starts to dip, but you never know.

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Gold bugs rejoice