Metals investors: what do you consider as “fair value” for gold & silver?

Unlike stocks, precious metals don’t have earnings, dividends or growth rates. Metals have entered parabolic hype cycles in 1979, 2011, and 2025-26 without “fundamentals” numbers to constrain their price appreciation.

If you are invested in gold and/or silver, what is your idea of their “fair” value (that’s presumably independent of current price action) and how did you determine it?

Alternatively, if you have a “take profits” level in mind (when price reaches $X, I will sell Y%), what is it & how did you decide it?