Gold Sitting On Multi-Month Lows (GLD)

The wash out in gold is starting to become hard to ignore. The shiny metal has come under more selling pressure on Thursday and is sitting on its lows for the day, as well as multi-month lows. COMEX gold futures have been bludgeoned again, this time for $21.80, or 1.63%, to $1,312.70. The price action has been even worse for the SPDR Gold Trust ETF

which has lost 2.50% to $127.87. The move in GLD has come on heavy volume, with more than 28.7 million shares trading hands compared to a daily average of just 13.6 million.