I've been analyzing dozens of different metrics relative to gold. The first question we must answer is how do we value gold to begin with? I think there are a wide variety of methods some much better than others. So why is this a period where gold is undervalued? We can see how gold has performed in relative terms by comparing the forward 1 year returns on gold with the yield on the 10-year US treasury. My position is that gold is a proven store of value that is sometimes overpriced and sometimes underpriced and we should analyze from a quantitative perspective to understand when it is mispriced. Bulls often find weird metrics that allow them to justify outlandish positions such as "GOLD TO $20,000!" Bears, on the other hand, often tend to believe gold is inherently worthless alternatively, some now believe Bitcoin will replace gold. I have deep criticisms of the way gold is frequently analyzed by both bulls and bears. Based on our research, gold should be priced closer to the $2,400 - 3,000 price range, and well-run gold miners will reap the rewards of rising gold prices. Gold is currently selling around $1,900 per ounce. Moreover, the gold miners, in particular, may be one of the most attractive investment opportunities out there. In the Age of Bitcoin, I believe boring, old, traditional gold is undervalued, even after a pretty great 5-year run. At one point in 2011, I even shorted gold as a professional money manager. I greatly annoyed my goldbug friends with predictions of a gold crash. I went long on real estate, homebuilders, and even a yacht dealer, but I thought gold was a bubble. In the years following the Global Financial Crisis, no one would've ever accused me of being a "goldbug".
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