Gold pull-back in the last 2 days is due to profit taking

Will Rhind, Head of U.S. Operations at ETF Securities after Gold has broke the $1600 it has pulled back a little bit due to some profit taking says Rhind :" what we are seeing is Gold gone to $1600 which is a new all time high for gold and since then in the last couple of days it has pulled back a little bit , and if you look at the trend of gold in the last couple of years what we typically see is when gold has made a new high such as the $1600 level it has been subject to profit taking and therefore the price retraced a little bit from its all time high "





Related ETFs : Ishares Silver ETF (SLV), SPDR GOld ETF (GLD) SPDR GOld ETF (GLD), Powershares DB SPDR Gold ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), GoldCorp (GG)