I have held physical Gold & Silver for a few years now. I will hold until a)my Sister phones me and asks "how do I buy Gold" or b)The front page of the Sun reads 'Gold hits record highs' as a headline. Everyone must reach their own conclusions on how far this has to go. Personally, I have taken the view that Yes this is a bull market (obviously!). Therefore if this is a bull market does it have the makings of a mania/bubble?, quite possibly yes it does. If it does then of course it will follow the pattern of every other mania. If it follows the pattern of every other mania then we will see: extended mainstream media coverage in the UK articles in the tabloids middle shelves of the news agents crammed with 'shiny metal stuff' mags TV adverts with "we SELL any gold.com" type themes My Sister phoning me about how to buy gold. So IF this thing has the makings of a potential mania, then we are a long way off yet. It's an old chart(thumbnail below) I know but worth looking at every now and again to get perspective. BUT, the reaction in the markets with the 'Japan situation' did/does have me concerned. I have been watching price reaction to many different situations over the years and admit that I fully expected a near direct inverse reaction in price for financials and 'safety' of Gold. I thought this would make an interesting trial run to a bigger end of world senario, bit like a school fire drill etc and was shocked to see the price fall. I understand the reaction with the paper market as positions need to be closed out quickly but I noticed the price of physical falling with the likes of coin invest. Do people think this was/is down to margin requirements or the sudden realisation that when the Poop really hits the fan you can't eat the stuff?(as they say).