US EditionUS stocks fall while a break in gold fever sends metals prices screeching lower
- On Friday, U.S. President Donald Trump confirmed Kevin Warsh, former Federal Reserve governor and nominee, on Truth Social, reassuring investors and causing gold and silver prices to dive.
- David Rosenberg, economist and founder of Rosenberg Research, noted the nomination prompted some investors to unwind the debasement trade, while profit-taking followed metals' parabolic rally in recent months.
- Gold traded at $5,130.80 after reaching a record high of $5,595.47 Thursday, then dropped about 7% toward $5,000, while silver stood at $103.49 after plunging roughly 15%.
- Friday, U.S. markets declined as Microsoft’s heavy AI spending and Canada's main stock index dropping over 800 points prompted a metals sell-off, amplifying commodity losses.
- Trump's pressure on the Fed has fuelled fears about Federal Reserve independence, while analysts including Art Hogan caution it's too early to tell if investors assessing the 'debasement trade' have fully unwound.
86 Articles
86 Articles
Berliner Morgenpost
After record prices for gold and silver, significant losses occur. Analysts do not see this as the end of the upward trend.
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Gold, silver see biggest slide in decades
By Jack Ryan, Yihui Xie and Yvonne Yue Li | Bloomberg Gold suffered its biggest slide in decades and silver posted a record intraday decline in a whipsawing reversal of a scorching rally that lifted prices to all-time highs. Gold fell more than 12% to slump below $5,000 an ounce in its biggest daily decline since the early 1980s. Silver plunged more than 36%, a record intraday decline, as the selloff swept through the broader metals markets. Cop…
castanet.net
TSX loses over 1,000 points as gold, mining stocks drop; U.S. markets also down
Canada's main stock index dropped more than 1,000 points on Friday, weighed down by losses in the basic materials sector, while U.S. markets were also trading lower.
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