The short answer is yes regarding the price of gold, although I think I avoided making my most incorrect predictions public on this or other blogs. I continue to think that gold is experiencing a bubble (more below on that), while having to admit that at least some of my private forecasts incorrectly put too low a ceiling on the possible price of gold. I privately said it could go to $1300 an ounce, but was skeptical of much above that, and have said to several folks that it could not hit $2000. While I still think it is a bubble, and that a return to a gold standard would be a disaster (even if "watching gold" while not taking it too seriously may not be completely stupid for policymakers as Robert Zoellick appears to be calling for), the bubble can go higher, especially with the Chinese and Indian central banks buying it, as they are reportedly doing. Evidence here is that in the last gold bubble 30 years ago, it hit a current real price of about $2387 an ounce according to some sources before it crashed hard and stayed down for over two decades.
But is it a bubble? Well, some of the evidence is in the publicity, all those people yelling that it cannot go down, which is generally one of the surest signs of something being a bubble. There is also the problem that gold is usually best bought as an inflation hedge, as it was in the 1970s, but that despite some people shrieking loudly about possible hyperinflation, the market evidence is that inflation expectations have only risen modestly with the QEII. On this, and on the matter of the gold standard and commodity prices in general, see the last three posts by Jim Hamilton and Menzie Chinn at Econbrowser, http://www.econbrowser.com. Chinn notes that the five year TIPS spread has moved a whopping 0.4% upwards, from 1.2% to about 1.6%, hardly an outbreak of hyperinflation, even if I do not buy into rational expectations (thus granting that the TIPS market can be more than stochastically wrong, or may even be being manipulated, as reportedly the Fed holds something like 10% of the TIPS bonds out there, although have not heard of any changes in that proportion recently).
Regarding the broader path of commodity prices, Hamilton worries about this, focusing not on gold but on his old fave, oil, arguing that we may be in trouble if it goes noticeably above $90 per barrel, which we are unpleasantly near. He also notes a sharp increase in the correlation between various commodity prices recently, particularly starting in 2009. However, I must note that a non-trivial portion of the runup in the price of gold occurred prior to then, so that even if quite a few commodities have risen more sharply since then, supposed evidence against the bubble hypothesis put forward by some commentators, it is still much higher relative to most of them than was the case if one goes back somewhat further in years. So, yes, Virginia, there is a bubble in gold, but it could still go some ways up further before we see it crash.