Oppenheimer's chief investment strategist, Brian Belski, believes gold's price has reached bubble levels. In his recent research piece that was summarized in InvestmentNews, Belski states,
"...even on an inflation-adjusted basis, gold prices are higher now — two standard deviations above their long-term averages —than they've been since the early 1980s, when the U.S. was experiencing double-digit inflation. The metal is also “out of whack” with other commodities, a trend which has caused some puzzlement, even in places like the Federal Reserve."
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Source: Chart of the Day
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