What a tumble in gold

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The gold tumbled yesterday as traders start to price in a December rate hike from the Federal Reserve. This morning, Gold tried to recover some of its loses but I think this recovery would not be a big one before gold drops further. The main gold ETF, the SPDR Gold Trust GLD, +0.45%  suffered its largest one day slump in more than 3 years on Tuesday, but rose 0.3% in Wednesday’s premarket trade. Rallies will now be seen as a chance to sell the gold. How long to hold the sell, one may ask . I say hold it till the coming US Presidential Election.