In the financial markets, there are really only two ways of looking at events, bullish or bearish.

Case in point: Gold dropped US$15 an ounce yesterday to about US$438 per ounce. Sure, some will see the gold correction yesterday as a signal of the end of the gold bullion rally (bearish). While others will see yesterday's price drop in gold as a long overdue correction in a bull market that has been going on strong for three years (bullish).

I don't think many investors, big or small, are paying much attention to gold anyway because it's still so low priced. But I'd like to declare myself in the second camp... that of gold bullion bulls.

Gold bugs like me were expecting gold to retreat, simply because nothing goes up in a straight line. (Didn't gold bullion recently hit a new 16-year high?)

In bull markets, corrections are sharp (like yesterday's pullback in gold prices). In my opinion, I wouldn't be surprised to see gold lose another $10 to $15 dollars an ounce, to US$425 per ounce, to complete this current price correction. I look at this correction as an opportunity for those investors who believe the long-term trend for the U.S. dollar is down.

Just last month, streetTRACKS (symbol GLD) started trading on the NYSE. Each GLD unit is supposed to equal 1/10th the price of one ounce of gold. It claims to be the first gold exchange-traded fund in the U.S.

Yesterday, GLD closed at $43.80 -- bang on the buck in terms of being equal to the value of 1/10th of one ounce of gold. With a healthy 6.1 million shares traded yesterday, aside from being liquid, GLD is becoming very popular. You might want to keep an eye on GLD. If gold does correct another $10 to $15, this pure gold play might prove to be quite the opportunity.

Just keep in mind that if you are not American, an investment in GLD could be risky, as it trades on the NYSE and is thus priced in U.S. dollars. Maybe not a good bet for foreigners, but they have enough good foreign gold stocks to choose from anyway.