where did all this gold come from , there has to be a big a real big seller. A central bank or big hedge fund. With price this low, the miners can not survive. Expect analyst downgrade , credit ratings cut.
Here is my take. Somebody wanted to take physical gold from one of the gold ETF'S. You can do do that if you have over 100K in the Gold ETF. I think that the ETF did not have the gold. So they sold most of the paper gold just to pay off the phyisical gold buyer. That is why the gold market crashed. IMO. Their is more gold paper out there than gold. So don't buy paper, buy the real thing.
As far as the miners go. If gold goes below where they can make a profit, they will shut down the mine. Layoff a bunch of workers so the economy gets even worse. The miners will reopen the mine when they can make money. Simple as that. Supply vs Demand. The miners will win the battle with the bankers sooner or later.