speculative forces have a way of distorting things. It wasn’t clear if the $1200/oz was speculation or inflation or both. The question is, is it worth it to buy right now at around 1200/oz? That’s the million dollar question.
The answer to your question depends on how large your present position is.
Everyone should have at least 25 Oz of physical gold in their immediate possession, but the question of ‘paper’ gold depends on the potential needs you may encounter when the crash comes. Gold is going up without question, but so are food and weapons.