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<p>[QUOTE=&quot;physics-fan3.14, post: 2400055, member: 19165&quot;]Doug, that picture doesn&#039;t show a bubble. It shows a market decline - but not every market decline is the result of a bubble. The late 80&#039;s was a bubble - this is not. Looking at the ten year chart puts this decline in better context:</p><p><br /></p><p><img src="http://www.pcgs.com/PCGSMedia/graphs/index10graph.gif" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /> </p><p><br /></p><p>On this chart, you can see that the 2007 - 2008 range exhibits bubble-like behavior. A bubble is characterized by exponentially increasing prices, a mania attitude that &quot;it will never come down,&quot; and excessive speculation. There is increasing hype until someone decides to get off, and then the price decrease is just as rapid (such as 2009).</p><p><br /></p><p>There can be mini-bubbles embedded within a market. For example, as someone pointed out earlier, the Kennedy half fiasco exhibited bubble behavior. But that had relatively little bearing on the rest of the market.</p><p><br /></p><p>It is interesting to note the severity of the bull market we have going on right now. I would guess that it would roughly correspond to the overall stock market correction that we&#039;ve experienced over the last year or so, but I would have thought hard assets and stocks would have been less correlated.</p><p><br /></p><p>To those of us building collections, this bull market presents a fantastic buying opportunity. Buy while the prices are low![/QUOTE]</p><p><br /></p>

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