If you have $1 million worth of gold that you have not sold are you similarly not rich?
You are rich, since gold has never been worthless in the history of human civilization.
That's not true, gold only gained value when people got enough real wealth - meaning food, clothes, weapons - that they could start worrying about bling. More importantly, gold price is quite volatile - and, according to Wikipedia, is currently at quite a high level, historically speaking.
Based on the timing of the Wikipedia chart, I'd say the main price influence for gold right now is current economic troubles. They won't last forever, so the only way I can see gold keeping its current price level is the world moving back to gold standard as the petrodollar scheme collapses due to peak oil and/or rise of China - and while the premise seems almost certain, the gold standard step is unlikely. So, I'd sell.
Then again, any currency you might sell your gold for might collapse right afterwards. Euro is plagued by the will-they-or-won't-they (form a federation) game the EU is playing, dollar is going to experience massive inflation when all those petrodollars come home, Russia is working towards becoming a dictatorship once again, China is a dictatorship with the associated potential for nasty surprises, etc. One might even argue that the only real assets are favours owned, so you can always find someone to pull you up. Religious types even argue that's one asset you can take with you, which is definitely something you can' say about gold :).