Whether or not you should consider selling really depends on your circumstances. I regard gold ownership as an insurance policy, but one that I would only recommend to those who are reasonably sure they won't need to rely on the value they have tied up in it for quite a long time.

I think the price of gold (and silver) has already topped, and the counter-trend rally it has been engaged in recently appears to be close to topping as well. The price should fall substantially after that, as commodity price reversals from spike highs are typically sharp. If you need the money now or in the near future, selling now would get you a much better price than selling later.

Gold will hold value over the long term, but the short to medium term is likely to be rocky. For those thinking of buying, if you preserve cash now, you should be able to afford more gold with it later than you can now. However, gold ownership may be declared illegal at some point, as it was during the Great Depression. That would make it difficult to buy or sell safely, which is a major reason for suggesting that people only own it if they won't need to sell for a long time.

Essentially, gold is something I would only consider if I had other bases covered and could therefore hold for the long term. Other things I would rate higher up my priority list would include eliminating debt, holding liquidity, securing control over at least some of the necessities of your own existence and enhancing social capital as much as possible (in other words, physical hedges against economic disruption).