Though the market recently has battered gold prices and ETFs have seen funds reduce their positions, one analyst argued that investors should buy and sell the exchange-traded funds based on their own longer-term forecasts.

"I think it depends on what your outlook is for gold. If you think that the macroeconomic environment has changed in some way for the longer term, then it may be an opportunity to sell gold," Will Rhind, managing director at ETF Securities U.S., said in an interview. "If you still believe that not much has changed -- we're in a currency war, these interest rates will remain at these low levels -- then perhaps it may be even a buying opportunity.

Gold mining stocks were mostly lower on Wednesday. Shares of Newmont Mining ( NEM) were decreasing 4.2%, and shares of AngloGold Ashanti ( AU) were off 3.8%.

-- Written by Joe Deaux in New York.

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