Top value investor Jean-Marie Eveillard says that despite its big gains in recent years, gold “cannot be overvalued” in the current environment.

“We have, so far, a minor correction,” Eveillard tells King World News. “Had gold become too popular at close to $1,800? I don’t think so, but the thing about gold, you always have the short-term players, usually with leverage, in the futures market.”

Eveillard goes on to say that many haven’t jumped on the gold train — a good sign. “You’ve had the hedge funds over the past few years (in gold) because it had been going up,” he says. “But what I would argue is that gold is not too popular because if I look at the institutional world, the pension funds, endowments, etc., very few of them are invested in gold bullion, and very few of them are in gold mining stocks. So I don’t think gold is popular.”

Eveillard says the massive money-printing going on in Europe and the U.S. means gold is looking quite good. “Gold is a substitute currency, and I look at the enormous amount of paper that continues to be issue by the Fed and the ECB, and as long as they keep printing enormous amounts of paper, I think gold cannot be overvalued,” he said.