Gold's business partner David Sullivan along with the Blues managing director Karren Brady were arrested by police last week as part of the ongoing inquiry into corruption in football.
Sullivan has already made it clear that he feels the issue has been taken too far and that the authorities need to seriously reconsider their actions, while Gold has now vented his anger.
"The whole issue is outrageous and I'm absolutely outraged by what is happening," he told Sky Sports News.
"To see these quality people arrested, and I know the pain that Karren Brady is going through, I just believe the whole issue is outrageous.
"I think the way they have been treated is appalling and think that their arrest should be rescinded.
"I see no cause whatsoever and I can't tell you how distressed I am at the whole affair and I am really too distressed to talk about it.
"I think it's appalling. I mean these people have been arrested for what? There's no charges, it's an absolute disgrace.
"I keep using the word outrageous, but I can't think of another word to use.
"It's terrible and you can't imagine what a young woman like Karren Brady is going through, and nobody seems to care."