I still think we are going to see higher levels at the end of the year or maybe in the next few months, but at the moment we are seeing some profit-taking and stop-loss selling.

The market needs a correction. It can’t just carry on going up.

Money goes to performance, so as the funds performed well, more investors put money into those funds.

I would expect interest to invest in gold to continue for the coming one to two years.

The companies have publicly committed to reduce their hedge books, not to increase them, so I don’t expect them to start hedging again in the same way in the near future.

If we see continued liquidation, we can fall another three or four dollars. I wouldn’t be surprised if gold comes down to $545.