One aspect of holding gold when it goes up isn't often discussed: protecting the gold that you have. An article in the Creston News Advertiser discusses what owners of gold jewelry should do now that gold is way above what it was several years ago. The article focuses on insurance, and is aimed at people who really don't know what their gold is worth, but it is worth thinking over.
As gold keeps rising, security is going to be more of a concern. A private mint can one-up government mints by putting serial numbers on rounds. If serial numbers can be used to track down thieves that stole cash, they can serve the same purpose for gold. Not every thief is diligent enough to melt down the gold he's stolen.