The metal has been under constant selling pressure all morning, but it's really taken a significant leg lower in the last hour or so, as the chart below shows.
Right now, it's down 1.8 percent to $1557 per ounce, just off its lowest level of the day.
This morning, Goldman Sachs commodity strategists – who have been bearish on gold in the medium term – recommended clients go ahead and short gold outright, targeting $1450 per ounce by the end of 2013.
Thinkorswim