Nonetheless, gold has continuously grinded higher over the last two decades in line with the expansion of central bank balance sheets. Image Source: Zacks Investment Research GOLD is currently trading at a one-year forward earnings multiple of 20x, which is below the industry average of 22x and below its own five-year median of 21x. High inflation, a banking crisis, rising interest rates, and geopolitical tensions; it’s no wonder gold is finding a bid.