Fidelity fund manager reduced positions before the sharp drop in gold prices, and is now preparing to re-enter the market.

George Efstathopoulos, fund manager at Fidelity International, sold part of his gold holdings a few days before the biggest drop in gold prices in forty years. Now, he is prepared to buy again. Efstathopoulos stated: "If there is another 5% or 7% pullback, I will buy. Many bubbles have already been squeezed out, and from a structural perspective, the medium-term theme supporting further rises in gold is still very much intact."