I would say no. The macro-economic situation justifies the upward move in gold prices, and we're still far from inflation-adjusted all-time highs. There of course will be the occasional pull back, as gold, along with silver, over the short term, respond to news headlines. We are far from a gold bubble, as the general public, overall, still hasn't really entered into the market yet, which will ultimately push them up for no reason.
The printing of currency, refusal of Obama and other American politicians to cut spending, sovereign debt crisis in Europe, and the ongoing recession, among other things, guarantee gold prices will continue to rise for some time.