I wouldn’t say the markets as a whole are in a bubble. Looking at the US, certain segments of the market are in bubble territory (tech stocks like Tesla, Amazon, Facebook, etc.), others are in seriously overvalued territory (mega cap stocks like Coca Cola, Johnson and Johnson, Kraft, etc.). I think there are vast swathes of the market that are either reasonably priced (Canada except for financials, most of Europe, UK, Japan), or downright cheap (China and Russia, neither for the risk averse). I think anyone expecting 50% declines in any market is likely to be disappointed. However, a 20% correction is something that people should be ready to take advantage of.
As for gold, I don’t see how it is cheap (and this is from someone who owns a little in anticipation of the coming zombie apocalypse).