You prefer to only look at part of the equation. Gold is a market traded asset, thus how come you did not look at gold as being overvalued. Do you think the gold market moves based upon fundamentals? Obviously it does not since the gold expansion rate is roughly 1.5% yet we see big swings in the price.
Obviously, gold was overvalued in 2011 when it hit $1,900 an oz. By the time it was done dropping 5 years later, it lost more than $800 an oz.
How can you assert that, perhaps, gold is not overvalued at this time?
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Well, for one, the market traded gold is not real gold. Try to buy some real physical gold for the Comex price - it won't happen. Even if you buy a ton or so.
The thing is, gold is more than just a asset like any other. Gold is also a mirror of the value of the fiat currencies, its a instrument of power plays between rivaling countries, and its a fear indicator in a economy. Silver is similar, by the way, only its more for the small people. And the practical use in the industry has a bigger role like in gold.
Over all, the price for gold - real gold - says more about the currency that is used to buy it rather than the "value of gold". The value of gold is basically always the same: 1 oz of gold is worth 1 oz of gold. How many US$ or Euros or whatever you get for it, that's the variable part in the calculation.