Fed's playing with my retirement, again. Anyone else feeling this squeeze?

• •Well, another Fed decision day, and honestly, it feels like they’re just twisting the knife a little more this time.
• •My gold holdings, which usually act like a comfy blanket when the market’s jittery, seem stuck in neutral.
• •I’ve been heavily invested in physical gold through my IRA for the better part of two decades, ever since I retired from ExxonMobil back in '04.

Well, another Fed decision day, and honestly, it feels like they’re just twisting the knife a little more this time. My gold holdings, which usually act like a comfy blanket when the market’s jittery, seem stuck in neutral. I’ve been heavily invested in physical gold through my IRA for the better part of two decades, ever since I retired from ExxonMobil back in '04. Saw too many ups and downs in the energy sector to trust paper assets exclusively. My portfolio’s hovering around the $3.5 million mark, and a good chunk of that, probably close to 30%, is in gold. You'd think with all this uncertainty, it'd be soaring, but it's just… existing.

I remember back in '08 and during some of the quantitative easing periods, gold was a powerhouse. Made some serious gains that really cushioned the blow elsewhere. Now, with inflation still stubbornly high, and the Fed hinting at 'higher for longer' rates, it's making me scratch my head. On one hand, higher rates should make non-yielding assets less attractive, but on the other, the ongoing geopolitical mess and the devaluation of fiat currencies usually send people rushing to safe havens like gold. Is it just me, or does this feel different this time around?

My advisor down here in Houston keeps telling me to stay the course, that gold’s a long-term play, especially for preserving purchasing power against inflation. And I get that, I really do. It’s what I’ve banked on for years. But seeing the opportunity cost of having so much capital tied up when a decent T-bill is yielding 5% is starting to gnaw at me. I'm not looking to panic sell or anything crazy, but it does make me wonder if anyone else in a similar position – substantial gold holdings, trying to navigate these interest rate hikes – is re-evaluating their allocation. What's your gut telling you?