Gold, silver plunge after news Trump will nominate Kevin Warsh as Fed chair
Gold and Silver Prices Plummet After Trump Nominates Warsh for Fed Chair
Early Friday morning, gold and silver prices took a nosedive following the news of President Trump’s plan to nominate Kevin Warsh as the next chair of the Federal Reserve.
Investors quickly reacted by selling off precious metals, causing gold to drop by 10% to $5,136 per ounce and silver to plummet by 20% to $103 per ounce.
Over the past year, gold and silver reached record highs, driven by concerns over inflation, government debt, and political pressures on the Fed.
Investors turned to precious metals as a safe haven amid fears that the new Fed chair would yield to Trump’s demands for significant interest rate cuts.
However, the nomination of Warsh seemed to alleviate those concerns.
Warsh, with a hawkish track record during his time as a Fed governor, is expected to uphold the Fed’s independence.
Dean Lyulkin, founder of The Dean’s List newsletter, commented, “Warsh’s background in investment banking and experience during the financial crisis could lead to a pragmatic approach to managing inflation and growth.”
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