Gold kicked off last week under pressure as markets continue to digest last week’s comments from Federal Reserve officials in Jackson Hole, but some analysts think investors may not be pricing the yellow metal properly. This week, Deutsche Bank analysts argued there is a correlation between gold prices and the level of monetary expansion by central banks, and according to this relationship, the metal should be some $400 higher. Frank Holmes of U.S. global investors agrees, noting that Deutsche Bank’s number may even be ‘conservative.’ Speaking with Kitco News on Tuesday, Holmes added that some famed gold investors argue that the true value of gold sits more at $8,000 an ounce. Gold futures have been under pressure since late last week in the aftermath of Fed Chair Janet Yellen’s comments, which were construed as hawkish by the marketplace. The yellow metal managed to hit a two-month low as the U.S. dollar strengthened – it fell as far as $1,315.30, breaking Monday’s two-month bottom of $1,317.20.