Should I sell my gold coins now?

I got an email asking this just a short time ago, as gold was down about $55 from its record high of about $1,800 an ounce.

Here's how I answered the question: If you need the money, sell. If you don't need the money, hold. Yes, we might have seen this "top" at $1,800 but gold could easily rise again to new, higher levels.

The point is that gold -- while it has had a tremendous run from its breakout point at $980 an ounce -- is still a risky investment in the short term.

Long term, gold has performed just as it should -- preserving wealth in the face of inflation.