When people say Gold is Overvalued, what they're really saying is, relative to a benign post-Cold War world based around the Washington Consensus of open markets, fiscal and monetary discipline, and a rules based order, gold is expensive. And that's fair enough.

But that world is gone. It's not coming back.

In this messy, chaotic, and uncertain world, gold demand is expanding at a faster pace than supply, its price is rising, and no-one has a clue where or when this might end.

For now, gold's trend is your friend, hold on tight.