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Gold just tumbled below $1,300 for the first time since Brexit (GLD)

Gold just tumbled below $1,300. Prices for the shiny metal are down by 1.2% to $1,297.15 an ounce as of 8:45 a.m. ET — the weakest level since June 24, or the day after the Brexit vote when global markets were in chaos. Gold is considered a traditional risk-off, "end of the world" trade and is often bought up aggressively by investors in times of stress. Relatedly, markets are seeing the likelihood of a November rate hike at 21.
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