Gold (GLD) is currently down $12.70 (-0.95%) to $1559/oz after a massive sell off that saw GLD drop -3.27% over the last seven days.This comes on the heels of Hedgeye CEO Keith McCullough mentioning that the sell-side would be turning bearish on gold this week as the wave of downgrades begin to emerge from analysts' desks. Things will continue to get worse for the precious metal as the US dollar continues to appreciate in value and as large institutional asset managers (mutual funds and hedge funds) sell off their positions.
