PHILADELPHIA – Those who beat a path to Howard Steinberg’s precious-metals refinery in Philadelphia with old gold jewelry have done far better lately than those who went to their broker to buy stocks of gold-mining companies.

That’s because the price of gold has jumped since May – but the stock prices of many of the precious-metals mining companies are far below their 52-week highs, and nearly every mutual fund in the sector is down for the year.

The situation is a classic warning to investors who might tend to mix up the two: The price of gold alone does not determine the price of gold-mine stocks, said Lynn Russell, precious-metals analyst at the Morningstar investment research group.

Shares of some companies, such as Barrick Gold Corp., of Toronto, languished because the companies locked in future prices for their gold at levels that were overtaken as the market price rose, she said. Meanwhile, South African companies were hurt by a stronger domestic currency.

But if you own the metal, this is a good time to sell that old jewelry and lock in some profits, said Steinberg, proprietor of Abington Metals Refining & Manufacturing Inc. “I can’t predict that gold will go up much further,” he said.

The run-up in gold also indicates spreading concern that the United States is living beyond its means, with hefty budget and trade deficits, and that inflation may be returning, said Jack Worrall, who heads the department of economics at the Camden, N.J., campus of Rutgers University. Traditionally, gold has been a hedge against inflation.

“Gold right now is a stronger currency” than the dollar, Worrall said. But that can change if people perceive that U.S. policy-makers are taking steps to shore up the dollar, including reducing the deficits, he warned.

To capitalize on such bullishness about gold, a new exchange-traded fund began trading in November. StreetTracks Gold Trust is backed by gold bars stored in a warehouse. Shareholders own the bullion without having to take it home.

Investors tempted by this new fund should ask themselves the same questions they would before buying any stock or mutual fund, Russell said. Will it help them diversify? How does it fit into their long-term investment strategy?

Two rules of thumb are that precious metals should not be more than 5 percent of an investment portfolio and, because their prices tend to be volatile, they should be considered long-term investments, she said.

Look for mutual funds that are run at low cost and are diversified across several precious metals, not just gold, she added.

Don’t buy just “because it is the hottest sector with great recent returns,” Russell said.