When we speak of bubbles — be it the Tulip bubble, the South Sea bubble, the Mississippi bubble, the Silver bubble of the 1980s, the Nikkei bubble of the late 1980s, the Dotcom bubble of the 1990s, the Housing bubble of the mid-2000s as well the most recent gold rush of 2011-2013 — they all display similar characteristics when it comes to the excessive ownership of the underlying asset as well the exponential price movement. Further, during the bubble, although certain valuation metrics may be in place to measure the intrinsic value of the asset, it is usually the subjective value investors put on the asset which dictates the market price.