Gold
Gold was rising even before the recession. But panic over world markets and the health of European and U.S. economies propelled it into the stratosphere. Prices have risen 150% in the past five years, repeatedly setting new records. Meanwhile, small investors have stormed in. Some fear that stimulus spending could lead to massive inflation; they believe a tangible material like gold will hold its value better than other assets.
Why it's worrisome
Inflation isn't rising. It's falling and likely to be restrained for some time by a tepid economy.
Verdict: a major bubble
Gold has already started slipping. It declined 6% in July to a recent $1,160 an ounce. Some economists are warning that continued weakness could lead to deflation. If that happens, expect gold to crater.
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Last updated August 23 2010: 2:56 PM ET
