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Monday’s was the biggest one-day decline in Chinese stocks since an 8.8% drop on Feb. 27, 2007.

New research by WGC shows massive amounts of bullion were dumped in Shanghai and New York precisely at the same time dropping gold by 4.3%.

The world’s largest iron ore producer continued to flood the market despite a current oversupply that has sent prices for the commodity plummeting to historic lows.

The Vancouver-based miner profit fell 21% in the quarter, making it adjust its 2015 coal production forecast to 25-26 million tonnes from 26.5-27.5 million tonnes.

Seaborne with 62% content delivered to Qingdao dropped 0.7% to $51.76 a ton, its sharpest drop in two weeks.

The yellow metal was on the brink of five-year lows on Tuesday, with further losses expected in the coming months.

A wave of bankruptcy is sweeping an industry already hit by competition from inexpensive natural gas, tougher environmental rules and a global coal glut that has decimated prices.

As heavy selling in early Asian trading hours tossed over a billion dollars’ worth of the bullion on the market in just a few minutes.

The announcement came after the Fanya Metal Exchange saw hundreds of investors protesting outside the building last week.