Gold is tumbling

gold price drops to 1180

Gold dropped $15 to $1180 per ounce spot as of 11:30 ET.

Weighing on gold is the release of the Federal Reserve minutes later today. There is also a Swiss referendum coming up on the amount of gold that the country's national bank should hold. The measure being voted upon would require a 20% gold allocation, but support is waning. The vote takes place on Nov. 30.

Kitco says gold is being "held hostage by the U.S. dollar".

Jim Wyckoff writes that gold is facing downside price pressure, exacerbated by some sell stop orders being triggered by the shorter-term traders in the futures market.

The other precious metal, silver, also go hit dropping to $16 per ounce, a 1.5% drop.