Is Gold Overvalued?

Gold has been soaring to an infaltion adjusted level only seen twice before since it's price was allowed to float in 1975. Could it be too expensive.

Questions include:

A listener who shares a lot about his portfolio and wants to know if he needs another fund.

Another has saved well and wants to invest for his adult childs needs.

Finally, is it better to add to an existing 401k or start adding new funds to an IRA?