Gold Rush

For the first time in history, gold rose above $1,800 per ounce Wednesday, closing at $1,784.

While many people may be having gold fever, financial advisor Sherod Waite said it is important for people to remember to diversify their investments.

"Gold is just one asset class out of 20 or 30 major asset classes we can invest in. So you know the phrase, 'Don't put all your eggs into one basket;'that holds true with gold. You don't want to put too much of your assets or too much of your investment portfolio all in gold," said Waite.

Waite says only 3 to 5 percent of a person's investments should go into precious metals. That is because he says unlike stocks or a bond, gold doesn't pay a dividend.

"It doesn't create an income," said Waite. It is simply an asset that you are holding. The only value of that asset is what somebody else might buy it from you for."

Waite also said before people rush out to spend all their money on gold they need to keep in mind that the gold market can be volatile too. He said there was an extended period of time the gold price didn't go anywhere.