Gold would probably not have to be "fenced" in the classic sense. Fencing implies that the buyer knows the goods are stolen, and is prepared to deal with that. For jewels that means remounting or even recutting. For gold, that's unlikely to be an issue. There is probably no way to tell the gold is stolen, as few gold coins have serial numbers. So you could just go into any pawn shop or coin store and exchange it for cash, or sell on e-bay.
In that sense gold is like cash, or more precisely coins. (only US bills have serial numbers, coins don't.)
Sounds like a job for Superman...at least out here at 4pm Pacific.
“So you could just go into any pawn shop or coin store and exchange it for cash, or sell on e-bay.”
It would take time and 100+ coin shops to get rid of $4.8 million worth without raising suspicion.