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This article continues our analysis of the gold price dynamics that waspublished in December 2010 (abs/1012.4118) and forecasted the possibility ofthe "burst of the gold bubble" in April - June 2011. Our recent analysissuggests the possibility of one more substantial fluctuation before the finalcollapse in July 2011. On the other hand, in early 2011 we detected a number ofother commodity bubbles and forecasted the start of their collapse in May -June 2011. We demonstrate that this collapse has actually begun, which inconjunction with the forthcoming burst of the gold bubble suggests that theWorld System is entering a bifurcation zone bearing rather high risks of thesecond 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 bankruptciesof many of the major participants of exchange games and their dependent firmsand banks. Therefore, the immediate market reaction is likely to be entirelynegative. Negative impact on the market could well be amplified by numerouspublications in the media and business press, drawing analogies with the eventsof the early 1980s and earlier similar events, as well as by losses ofshareholders of bankrupt companies. On the other hand, investments in gold alsolead to the diversion of funds from stock market investments and to thereduction in the production of goods and services. If at the time of thecollapse some promising areas of investment appear in the developed and / ordeveloping countries, the investment can move to those markets, which, on thecontrary, could contribute to the production of new goods and services andaccelerate the way out of the crisis. It is also obvious that the decline ofthe oil (and other energy/mineral resources) prices may contribute toacceleration of world economic growth rates and world economic recovery.

The Second Wave of the Global Crisis? A Log-Periodic Oscillation Analysis of Commodity Price Series