Thirty billion dollars in short selling took place within half an hour during what are known as " stop-loss" selloffs. Traders executed sell orders when gold prices reached targets set by investors.
It's not uncommon for stock markets to be wiped of 50% of their market capitalization, for governments to shut down banks, or for the exchange rate to plummet as everyone sells their currency for more stable foreign currency.
And economic advisor to the White House said the sell-off could not have been prompted by the imposition of additional tariffs on Turkish steel and aluminium exports.
The American public lost faith in the banking system, pulling out their funds and forcing the banks to sell off their assets in order to keep up with demand.
But the fate of these firms shows that such relationships may not help much: two of the banks were absorbed in semi-distress sales; the NYSE will soon be swallowed by ICE.