Federal Reserve Kevin Warsh nomination
What this means for investorsThe dollar rallied today while gold and silver posted dramatic declines, in part due to confirmation that President Trump would nominate Kevin Warsh to lead the Federal Reserve. Markets expect Warsh, who has frequently called for change, to take a less dovish stance on rates.
Silver lost more than 35% in intraday trading — its biggest daily fall on record. Gold futures fell by 11% before recovering slightly at the end of the day. Precious metal prices have soared over the last year, with gold and silver setting record highs after record highs. In spite of the pullback, both metals finish the month in the green.
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