Under the proposal, unveiled by EC president Jose Manuel Barroso, the FTT would be imposed on the exchange of shares and bonds at a rate not lower than 0.1 percent and on derivative contracts, at a rate not lower than 0.01 percent.

FORBES: Financial Transaction Tax Won't Help Europe Get Back On Track

Gold, and its GLD and IAU derivative ETFs, had been in a pattern of lower highs on rally attempts and lower lows on pullbacks since October, until eventually plungjng sharply several weeks ago.

FORBES: Gold Finally A Tarnished Asset After 12-Year Bull Run