💥 Historic Crash in Precious Metals
📉 Gold and silver saw a brutal sell-off after a sharp surge in the US dollar.
• Silver plunged ~30% intraday — the largest drop ever. 🙀
• Gold fell ~10% — the worst move since 1983.
Other metals (copper, platinum, palladium) followed. 🤷
Trigger: markets reacted to confirmation that Donald Trump nominated Kevin Warsh as Fed Chair.
👤 Who is Kevin Warsh?
Warsh is a former Fed governor, known for a hawkish stance, strong-dollar policy views, and a skeptical attitude toward crypto. He has repeatedly criticized Bitcoin and digital assets, warning about speculation and financial risks.
📅 When does he take office?
If approved by the Senate, Warsh is expected to officially become Fed Chair in 2026.
📉 Markets read the nomination as:
• Lower odds of intentional dollar devaluation
• A signal to lock in profits after overheated rallies
• A reason to exit “safe-haven” assets
Despite the crash, gold is still up ~10% YTD, silver ~14%. 🧐