Over the past couple of days, gold bullion prices have lost $20 U.S. an ounce. While it may sound like a lot, we are only talking a 4% price correction. To me, this is welcome news.

I've been waiting, and writing, about an expected correction in gold bullion prices for at least two months. While I believe my wish could have been answered, I'm really expecting gold prices to correct even further--thus resulting in great buying opportunity for gold bugs like me.

Why the softness in gold prices? There have been several news reports about jewelers reducing their demand for gold because prices have risen too far too fast and consumers are not willing to pay higher prices for jewelry at this time. While this sounds like a logical explanation, the run-up in the price of gold over the past two years has very little to do with a corresponding run-up in gold jewelry demand.

Gold has risen in price sharply, especially over the past six months, because of investors demand for gold. Demand for Exchange Traded Funds for gold rose 53% last year alone.

What I believe we are seeing here is classic and predictable profit taking. Short-term traders, who know very little about gold's role in an economic wealth model, jumped in when gold prices were rising and now they are taking their profits. The patient, significant money that came into gold starting two years ago, I believe, are not selling.

No, the smart money realizes the devaluation of the U.S. dollar will take a considerable length of time to achieve. Warren Buffett, one of the world's most patient investors, knows it and that's why he continues to be negative on the U.S. dollar.

Personally, the correction in gold prices, having finally arrived is the best investment news for me this year. Hopefully, you'll look at the current weakness in the gold bullion market as an opportunity to acquire quality gold stocks.

NEWSFLASH--If AT&T's proposed purchase of BellSouth is approved by regulators, about 10,000 jobs could be cut. That's in addition to the planned 13,000 job cuts AT&T announced last year as a result of the SBE Communications and AT&T merger. How will these jobs be replaced? They won't--and for a long time as there are very few American companies hiring aggressively these days.