Silver’s drop was relentless, with Comex futures contracts reaching as low as $74 intraday. Nonetheless, it bounced back to $85 mid-session, discounting losses to 25%. Other metals, including platinum and palladium, were also hit with similar losses.
The move, which wiped close to $7 trillion from trading markets, has left analysts puzzled. While some linked this drawback to the announcement of Kevin Warsh as Trump’s pick to succeed Jerome Powell as Fed Chairman, others are not so sure.
FAQWhat are analysts attributing the selloff in precious metals to?Some analysts suggest the selloff may be linked to the announcement of Kevin Warsh as Trump’s nominee for Fed Chairman, but others believe it could be market manipulation.
Is there still demand for precious metals despite the price drop?Yes, retailers like APMEX report increased demand, requiring waiting queues for new buyers looking to take advantage of lower prices.
