Soros explained it well, saying we are actually experiencing deflation while everyone fears deflation. Pento is also smart in saying that the bull trend will not end until real interest rates are positive. People like to call gold an "inflation hedge," but the data actually shows that gold performs well when US interest rates are kept low, and poorly when US interest rates are increased to counteract actually high inflation. People point at particular things, like the recent rise in commodity prices, to say that we are experiencing inflation. There is much more to inflation than commodity prices. Specifically, housing, which is a huge component of actual prices, remains dismal, and there is a big output gap with all the unemployed.
Yes, gold and silver are the next bubble. That is why you should buy it. Your job as a trader/investor is not to pick tops or bottoms. The trend is your friend. Long!