Gold is a storage of value, not an investment - or perhaps an investment with no return and only costs ?
On the positive side, it cannot default and is still considered as the ultimate currency in large parts of the world.
The only financial risks of gold are that it is stolen or confiscated - the same action, but done either by thieves, or by governments - or that someone discovers a huge gold reserve in an unexpected place.
Gold is subject to speculation - well, like other assets, but this is sometimes forgotten with gold, considered as something "absolute".
So even with the recent price drop (19th April 2013: 1,407$ per ounce), and even by correcting the price with the monetary expansion (here M2, see green curve), the price seems rather high.
Like everything else, you need to buy an asset cheap and be prepared to keep it for long.
So my advice: don't sell (in 10 or 20 or more years, you can get more $ when selling), dont' buy (in this phase, it's too expensive), just keep if any.