Rebalancing - to sell or not to sell my gold coins?

• •Alright, so I’m sitting here in Houston, enjoying retirement (mostly), and looking at my portfolio.
• •Been in energy my whole life, so I'm used to some volatility, but this current market has me scratching my head a bit.
• •I’ve got a pretty significant chunk of my capital in physical gold, primarily American Eagles and Krugerrands, bought over the past 15-20 years.

Alright, so I’m sitting here in Houston, enjoying retirement (mostly), and looking at my portfolio. Been in energy my whole life, so I'm used to some volatility, but this current market has me scratching my head a bit. I’ve got a pretty significant chunk of my capital in physical gold, primarily American Eagles and Krugerrands, bought over the past 15-20 years. We're talking probably $750k-$1M in gold coins alone. It's been a great hedge, especially with how inflation has been jumping around, and provided some serious peace of mind since I retired a few years back. The current run-up has been fantastic, obviously.

My total portfolio is hovering around the $3.5M mark, and with gold’s recent performance, it’s definitely overweight compared to my initial allocation targets. I never set out to have gold be this big a piece of the pie. The initial idea was closer to 20%, maybe 25% on the high end, but now it’s pushing 30% and heading North. My wife is starting to eye it nervously, especially with all the talk about interest rate cuts and potential market shifts. I've always been more of a "buy and hold" on assets like this, preferring to just let it ride, but the numbers are getting significant enough that it warrants a serious look.

So, here’s my dilemma. Do I trim some of this gold now to bring it back into line with my target allocation, or do I just let it keep running? My gut says to hold, because history tells me in uncertain times, gold just keeps doing its thing. But then the logical part of my brain, the one that managed budgets and forecasts for decades, is screaming "rebalance!" If I do sell, I'm thinking about reinvesting in some more dividend stocks – maybe some solid utilities or consumer staples. The thought of selling off a good portion of these coins, though, stings a little, especially knowing how much they've protected my wealth.

Has anyone here been in a similar situation with their gold holdings? Did you rebalance, or did you hold tight? What were your considerations? Any advice on how to approach the capital gains angle if I do sell some? Always appreciate the insights from this community.