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.
57 Articles
57 Articles
CP S&P/TSX composite loses over 1,000 points or 3% on metals weakness
TORONTO — Canada's main stock index fell 1,092.61 points or 3.3 per cent on Friday. The mining-heavy TSX dropped along with gold and silver in reaction to U.S. President Donald Trump announcing his next nominee to lead the U.S. Federal Reserve.
The Toronto Star
BIV NewsS&P/TSX composite sinks on precious metals sell-off, U.S. markets edge lower
TORONTO - Canada's main stock index dropped nearly 1,000 points early afternoon Friday as the next nominee to lead the U.S. Federal Reserve prompted a sell-off in precious metals.
Sask Today
S&P/TSX composite plunges more than 800 points, U.S. markets trading lower
TORONTO — Canada's main stock index dropped more than 800 points late-morning Friday, weighed down by losses in the basic materials sector, while U.S. markets were also trading lower. The S&P/TSX composite index was down 808.
Why Trump's pick for Fed chair is causing gold and silver to tumble from records
Yoray Liberman/Getty ImagesGold and silver saw dropped from record highs on FridayGold dropped 7% early in the day while silver plunged 15%, as traders assessed Trump's pick for Fed chief.Kevin Warsh's nomination boosted the dollar and took some wind out of the debasement trade. The rally pushing gold and silver to new records finally stumbled on Friday as markets reacted to Donald Trump's pick to run the Federal Reserve. Kevin Warsh, a former F…
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