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Again, maybe right but for the wrong reason.

My take is the gold and commodity bubble is due to people (Roubini included) believing Fed policy is inherently inflationary – printing money and all that – when it’s not.

When those funds are done being committed, it can all end very badly in a deflationary tumble.

Roubini Says Carry Trades Fueling ‘Huge’ Asset Bubble

By Michael Patterson

Oct. 27 (Bloomberg) — Investors worldwide are borrowing dollars to buy assets including equities and commodities, fueling “huge” bubbles that may spark another financial crisis, said New York University professor Nouriel Roubini.

“We have the mother of all carry trades,” Roubini, who predicted the banking crisis that spurred more than $1.6 trillion of asset writedowns and credit losses at financial companies worldwide since 2007, said via satellite to a conference in Cape Town, South Africa. “Everybody’s playing the same game and this game is becoming dangerous.”

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