VelocitySharesTM 3x Long Silver (USLVF)

[4Godnwv]

I've been thinking about today's silver (and to a lessor extent, gold) implosion. What causes a stock to take a nose dive? I'm not talking about a steady stairstep down, but a serious one day (in this case a two hour) 5% drop? Usually it is some material event. Right? Bad earnings report, a buy out, or in the case of OTC stocks the CEO runs off with the funds and the secretary.

What material event transpired that would make someone dump enough gold and silver into the hands of waiting buyers to tank the price? I have considered the bounce in the USD, and granted, gold does respond as a competing currency, but is it that simple? With everything that is going on in Greece, China, Puerto Rico, etc etc?

Opinions?