It was mostly just panic selling anything associated with gold. NGD was the rare upward mover. MUX has the issue with profitability, that's all the investors see. MUX could be profitable right now if McEwen wanted to be but he's only thinking long range and spending a lot of money exploring - not to mention prepping Los Azules for sale. Lots of core drilling going on.
I own a pretty good spread of miners; quality, and pretty speculative stuff. This bounce is mainly the junk; all of my holdings that I have actual faith in are tanking today. MUX is in that group.
I suspect that my spec stuff is held by small individuals, like me. My quality stuff is/was being held by both individuals and larger institutional players. I think those large players might be stepping out of the game, having been burned. Many can't afford to have serious non-performers on their quarterly report of holdings; looks like they're not managing their money well.
So the massive drop was from all of the heinous hot money exiting all at once; the follow-on drop is from funds getting the news a day late and deciding to sidle towards the door. This is what we have to deal with; it is brought to you by the lax regulation and Fed flood of money at the top.
I have fingers crossed that it is transitory; I'm not sure a bunch of the miners can even stay in biz at these price levels. I'm also not sure that this down draft is finished. CME raised their margins last night, and although this event was exacerbated by the JPY hijinks and the unwinding of a lot of carry trade, the original takedown smells like it was done to rescue one or more big bullion players.
The beatings may continue until those players are out of the fire, and why not also do so at great profit and provided the gov sanctioned msg of "stay out of bullion" at the same time...