You prefer to only look at part of the equation. Gold is a market traded asset, thus how come you did not look at gold as being overvalued. Do you think the gold market moves based upon fundamentals? Obviously it does not since the gold expansion rate is roughly 1.5% yet we see big swings in the price.

Obviously, gold was overvalued in 2011 when it hit $1,900 an oz. By the time it was done dropping 5 years later, it lost more than $800 an oz.

How can you assert that, perhaps, gold is not overvalued at this time?