  This article continues our analysis of the gold price dynamics that was
published in December 2010 (abs/1012.4118) and forecasted the possibility of
the "burst of the gold bubble" in April - June 2011. Our recent analysis
suggests the possibility of one more substantial fluctuation before the final
collapse in July 2011. On the other hand, in early 2011 we detected a number of
other commodity bubbles and forecasted the start of their collapse in May -
June 2011. We demonstrate that this collapse has actually begun, which in
conjunction with the forthcoming burst of the gold bubble suggests that the
World System is entering a bifurcation zone bearing rather high risks of the
second wave of the global financial-economic crisis. Indeed, on the one hand,
it is obvious that such a collapse may lead to huge losses or even bankruptcies
of many of the major participants of exchange games and their dependent firms
and banks. Therefore, the immediate market reaction is likely to be entirely
negative. Negative impact on the market could well be amplified by numerous
publications in the media and business press, drawing analogies with the events
of the early 1980s and earlier similar events, as well as by losses of
shareholders of bankrupt companies. On the other hand, investments in gold also
lead to the diversion of funds from stock market investments and to the
reduction in the production of goods and services. If at the time of the
collapse some promising areas of investment appear in the developed and / or
developing countries, the investment can move to those markets, which, on the
contrary, could contribute to the production of new goods and services and
accelerate the way out of the crisis. It is also obvious that the decline of
the oil (and other energy/mineral resources) prices may contribute to
acceleration of world economic growth rates and world economic recovery.
