Story perspectives

Gold and Silver Prices Plummet After Warsh Nomination

2/3/2026

Summary

Story summary

Gold and silver prices fell after U.S. President Donald Trump nominated Kevin Warsh to be the next Federal Reserve chair.
Gold dropped to $4,465 per ounce.
Silver dropped to around $81.75.
Analysts attributed the sell-off to profit-taking and concerns over Warsh's hawkish stance on interest rates.
Despite the downturn, experts maintain a bullish outlook, predicting gold could reach $6,000 by year-end.

History

Historical Context

President Donald Trump nominated Jerome Powell as chair of the Federal Reserve on November 2, 2017, succeeding Janet Yellen. Powell's tenure began amid rising tensions over interest rate hikes, which Trump criticized, leading to market volatility. By December 2018, Powell's policies contributed to significant declines in financial assets, highlighting the complex relationship between Federal Reserve leadership and market stability during this period.

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Story summary

Gold and silver prices fell after U.S. President Donald Trump nominated Kevin Warsh to be the next Federal Reserve chair.
Gold dropped to $4,465 per ounce.
Silver dropped to around $81.75.
Analysts attributed the sell-off to profit-taking and concerns over Warsh's hawkish stance on interest rates.
Despite the downturn, experts maintain a bullish outlook, predicting gold could reach $6,000 by year-end.

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