I think most people would advise putting the money in the market, regardless of the investment, if your time horizon is long. Otherwise, you're trying to time the market. We don't know the future. If you feel strongly about gold being overvalued, then you could keep your cash parked and simply wait. But if gold goes up, you miss out on potential gains. You could always put that money to work somewhere else right now, like stocks, then rebalance your portfolio and move it into gold later on. But then you'll likely upset the balance of what you're trying to accomplish, and may see much more volatility than you would see with gold.