NEW YORK (TheStreet) -- If Janet Yellen is the next chairwoman of the Federal Reserve, what does it mean for gold prices?

Nothing, according to ETF Securities' Mike McGlone. He told TheStreet's Joe Deaux that the market largely expected Yellen to be named the next head of the Fed and that we should simply move on to other issues now.

With gold prices moving lower on Wednesday, McGlone attributed it mostly to speculators. But the closer we get to the debt ceiling without a resolution, the better gold prices should fare.

He added that, historically, gold has a high correlation to the debt-to-GDP ratio. Assuming the debt continues to climb, gold should, too.

McGlone suggested gold traders are just trying to find a bottom. As prices get lower, market participants are interested to see if strong physical demand picks up for the precious metal. With gold near its lows and equities near the highs, he concluded that it seems advantageous to be long the yellow metal at this point.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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