No, they are buying into it thanks to very recent fear despite that fact that over the long haul it [returns something around the inflation rate](http://lazytraders.com/insights/gold-bugs-blinders-off-please-and-watch-for-windshield-wipers/). According to history, it is overvalued. Period. End of story.

Sorry, but when you say 'this time it's different!' I'm reminded too much of [The Death of Equities](http://www.businessweek.com/investor/content/mar2009/pi20090310_263462.htm) and [long-term historic trends](http://lazytraders.com/insights/100-year-of-8-secular-bull-bear-market-cycles-graphic/) that have weathered a few world wars, periods of depression and severe inflation.

Until we're waiting in bread lines, which actually wouldn't be different from the past, I don't see this as being any worse. Why do you?! By the way, I hope you weren't saying the same thing back at the last bottom, because you missed a remarkable once-in-a-lifetime market boom coming out of that if so :/