The stages of a bubble

http://pragcap.com/where-are-we-in-the-bubble-process

According to this article, after the bursting of the equities and real estate bubbles, both markets will have a tough road ahead, with high volatility.

However, it seems to me that the decline of gold in late 2008 was a bear trap, and that gold is about to enter it's mania phase.

Disclosure: long biotech and gold and silver shares