You base this on what exactly?
Gold hit the record high of $850/oz at the beginning of 1980 (that's $2,328.44 adjusted to today) and then took a nose dive a little later to around $300/oz (821.80 adjusted to today) ... and our fiscal house wasn't exactly in horrible shape (though it was about ready to get the shit kicked out of it).
You can't peg a bubble bursting on the health of fiscal house ... you're essentially saying that bubbles (generic) pop when the government has a control on the budget (spending and revenues). History has pretty much shown that bubbles tend to go pop when things are on the head end of a slide ... or the pops cause slides.
The gold bubble bursts when there is a massive dump of holding into the market ... or people realize the price is ridiculous and they just stop buying.
I don't believe Obama actually mentioned those numbers ... aids out of his administration did. Likely "former" aids not long after.