$3.90 valuation by GS updated, page-447

Yes, I too think we are in a fool's paradise on the general market at present but gold is good. When the plummeting GDP impacts on company reports then what? -4.8% and -5.8% for March alone for USA and France respectively and worse to come being predicted for current quarter. As for Trump's team saying Q4 will see a strong pullback - yeh right (based on more pump priming to come with election hope of course).
The question, I have is whether we face another big market drop over a short time period (most likely IMO) and whether gold will be dumped as well. If investors are desperate for cash for margin calls etc, then they will sell across the board again. That is the time to buy gold I think and wait for inflation and fiat currency depreciation to take hold.