Gold has no single fair value. At around $4,752/oz in April 2026, it is above its long-term inflation-adjusted average — but sits in the middle of its historical range relative to U.S. M2 money supply. The Dow/gold ratio of approximately 10 confirms a mature, not exhausted, bull market. Gold is trading at roughly $4,752 per ounce as of April 22, 2026 [Trading Economics]. That is down approximately 15% from its all-time high set on January 28, 2026 [CBS News; LBMA Q1 2026 Market Report], yet still up 43% from a year ago. A run like that demands a serious question: is this price justified, or has the rally overshot? ... (full story)