Gold is virtually impossible to value
Finance nerds will tell you that the value of any asset is the present value of all future cash flows. Similarly, there are all sorts of ratios — price-earnings, price-book value, price-enterprise value, and so on — that investors can use to assess the value of a given stock. These metrics don’t exist for gold. It’s simply valued by supply and demand, a much more primitive and unpredictable way to measure value.