Economy and Financial Markets

Gold and silver tumbled after President Trump nominated Kevin Warsh as Fed chair, a move seen as hawkish that triggered a sharp rebound in the U.S. dollar from a four‑year low and forced margin calls on heavily leveraged precious‑metals positions; gold fell from peaks above $5,500 to briefly below $4,500 before rebounding to about $4,779, and silver plunged more than 31% to around $81. The rout — the largest one‑day gold drop since 2013 and a record daily loss for silver — has produced conflicting signals, with JPMorgan raising its year‑end gold target to $6,300 while Oxford Economics warns FOMO and market exuberance likely created a bubble that could end the year well below current levels.