Gold Tumbles as Options Expiration Triggers Largest Drop in Six Weeks

Gold tumbles on Tuesday more than $20, the yellow metal's largest drop in six weeks, as options expiration triggers a selloff. Kotke Associates managing partner William McCarthy tells TheStreet's Joe Deaux that after weeks of tight consolidation in prices, the options expiration period triggered the move traders have been expecting to occur. McCarthy says gold could head another $20 to $30 lower, but he says he doesn't expect any huge drops similar to the April 2013 freefall in prices. While gold could fall to $1,200 an ounce, McCarthy says it isn't something he is expecting.