$1300 level by April, page-129

There's still opportunity cost in the sense that you forego other opportunities to buy and hold those paper assets. If that money could have been put into a term deposit paying 3% interest, then that's what you've missed out on. Money's always coming and going between asset classes as they become more or less appealing.

Right now, the opportunity cost of holding Gold is historically low because interest rates are still very, very low and negative in some parts of the world. Rising rates won't necessarily change this if inflation also runs hotter.

Even equities aren't very appealing at the moment given they're priced for perfection. Then you have property prices sky high.

All in all, it's probably a great time to be holding Gold (paper or bullion) given the alternatives aren't screaming out value.