Gold and silver prices plunge following Trump’s Fed pick announcement

(Pete Gannon – Axios) Gold and silver prices cratered Friday after President Trump named Kevin Warsh to lead the Federal Reserve, following months of gains driven in no small part by fears over the central bank’s independence. The big picture: The selloff follows a year when the precious metals soared as if they were meme stocks or the hot new tech darling. Today’s plunge was seen by many market analysts as an inevitable move for an asset class primed to retreat, with the Fed news merely a catalyst. State of play: Gold futures tumbled 9% Friday afternoon, to $4,901 per ounce. It saw the biggest daily decline since the early 1980s, per Bloomberg.

Gold, silver prices plunge after Trump announces Kevin Warsh for Fed