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The Conversation
The Conversation
Henry Maher, Lecturer in Politics, Department of Government and International Relations, University of Sydney

Why Trump’s new pick for Fed chair hit gold and silver markets – for good reasons

Donald Trump Kevin Warsh Jerome Powell Gold silver US Federal Reserve United States the Federal Reserve the US Federal Reserve Inflation
Kevork Djansezian/Getty Images

After months of speculation, US President Donald Trump confirmed he will be nominating Kevin Warsh as the next chair of the US Federal Reserve. The appointment has been closely watched in the context of Trump’s ongoing conflict with the Fed and its current chairman Jerome Powell.

The immediate reaction to the announcement was a significant crash in gold and silver markets. After months of record highs and stretched valuations, spot prices for gold and silver dropped 9% and 28% respectively after the announcement. The US stock market also fell, with major indexes all reporting modest losses.

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