Lates News

The sharp decline in gold and silver on Friday began with reports that Trump will nominate Powell as the new chairman of the Federal Reserve. Derek Malachi, Managing Director of SLC Management, said Powell's hawkish background reduces the risk of a comprehensive devaluation of the US dollar. The market is returning to a more orderly monetary policy track. In addition, analysts also mentioned that traders who quickly liquidate their profits at the end of the month or banks hedging against sudden downturns may have also contributed to the sell-off of precious metals. BullionVault's research director Adrian Ash said he has been involved in the precious metals market for 20 years and has never seen a situation like this before. However, he downplayed the possibility of retail investors suddenly withdrawing their funds on Friday and pointed out similar abnormal trends in the base metals market, such as copper futures falling by 4.5% on Friday. Ash also said that it is easy to attribute the frenzy to retail investors when looking at gold and silver, but there are no retail investors in the base metals market.