On a historic day for global markets, silver witnessed its worst day since 1980, plunging a colossal 30%. Gold wasn’t spared either, as it also bore witness to the market’s swift and volatile momentum. The catalyst for this decline appeared to lie in the Federal Reserve’s decision to appoint Kevin Warsh, whose selection has alleviated fear surrounding Fed’s independence. The precious metals market is highly sensitive to alterations in monetary policy, hence the subsequent tumble.
Warsh, a veteran financier and former Fed governor, is renowned for his staunch belief in the central bank’s independence, an attribute that has injected confidence back into the market, thereby easing the upward pressure on gold and silver prices. The full impact of Warsh’s appointment on the metal markets and the broader economy will be something to keep a close watch on in the coming months. Read More
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