Gold and Silver Whipsaw After Fed Chair Shock as Buyers Keep Coming

Overview

• Record highs on Jan. 29 gave way to a two‑day plunge that 7NEWS estimates erased over A$10 trillion in value, with gold down just over 10% and silver down 34%.
• President Trump’s Jan. 30 nomination of Kevin Warsh for Federal Reserve chair eased worries about central‑bank independence, a shift that coincided with the metals sell‑off.
• Gold fell from roughly $5,300 an ounce to below $5,000 and silver slid from about $115 to around $80, according to Yahoo Finance.
• The iShares Silver Trust is about 10% higher year to date yet roughly 31% below its recent peak of $109.83, underscoring how far prices have retraced.
• Despite erratic swings that analysts compare to meme‑stock volatility, buyers are lining up at bullion dealers, with silver still moving by up to 10% in a day.