The Chicago Mercantile Exchange halted gold futures for a few seconds Friday morning.  That brief halt was not enough to keep gold ETFs from tumbling another day. It may be contributing to the tale of woe for ETFs like the SPDR Gold Shares (NYSEArca: GLD),which is trading at its lowest levels in three months.

At this writing, GLD, the largest ETF backed by physical gold holdings, is lower by 1.3%, putting the ETF on pace for a 3.6% weekly loss.

GLD has traded modestly lower this month with losses accelerating this week, a scenario we warned about in September when we highlighted gold’s penchant for sliding in October.  Since 1980, October is the worst month for gold. [Gold’s Gains Could be Short-Lived]

Gold’s technical outlook is growing increasingly worrisome. The $1,300 per ounce level, which has been violated, was viewed not only as psychologically important but also as an area where some gold miners could be inclined to pare production in a bid to conserve cash.

The Market Vectors Gold Miners ETF (NYSEArca: GDX) has dipped 5.3% this week as concerns have grown regarding the ability of its constituents to remain profitable if another 10%, 20% or more is shave off bullion prices. [Mining ETFs Vulnerable as Gold Slumps]

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