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Posted on 01/30/2026 7:19:56 PM PST by SeekAndFind
Gold and silver prices plunged Friday, as President Donald Trump’s nomination for the next chair of the Federal Reserve, Kevin Warsh, appeared to relieve concerns about the central bank’s independence and sent the dollar soaring.
Spot silver was down 28% at $83.45 an ounce, trading near its lows of the day. Silver futures plummeted 31.4% to settle at $78.53, marking its worst day since March 1980.
Meanwhile, spot gold shed around 9% to trade at $4,895.22 an ounce. Gold futures dropped 11.4% to settle at $4,745.10.
The sharp moves down were initially triggered by reports of Warsh’s nomination. However, they gained steam in afternoon U.S. trading as investors who piled into the metals raced to book profits. Metals were also under pressure as the dollar spiked higher, making it more expensive for foreign investors to buy gold and silver and spoiling the theory that metals would replace greenback as the globe’s reserve currency.
The dollar index last traded around 0.8% higher.
“This is getting crazy,” said Matt Maley, equity strategist at Miller Tabak. “Most of this is probably ‘forced selling.’ This has been the hottest asset for day traders and other short-term traders recently. So, there has been some leverage built up in silver. With the huge decline today, the margin calls went out.”
National Economic Council Director Kevin Hassett had been the favorite to replace Powell for some time, but Warsh became the front-runner in prediction markets in recent days.
In a note on Friday morning, Evercore ISI’s Krishna Guha said the market was “trading Warsh hawkish.”
“The Warsh pick should help stabilize the dollar some and reduce (though not eliminate) the asymmetric risk of deep extended dollar weakness by challenging debasement trades – which is also why gold and silver are sharply lower,” the firm’s vice chairman said.
(Excerpt) Read more at cnbc.com ...
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Look up “cascade”. 🤣
I was giving my pal grief over buying at $50 years ago.
His purchase is still doing well at $83.45. I wouldn’t mind having his $50 stack.
You got to know when to hold them, know when to fold them... Know when to walk away, know when to run... Run. No... I mean it... Run!
I was told yesterday by more than one that $120 was a great buying opportunity and I should sell assest to buy silver ...
Hold these precious metals for the long term. I don’t see any of the fundamentals that have caused their rise to change.
The plunge in gold and silver today looks dramatic, but the underlying fundamentals that drove their multi‑year rise have not meaningfully changed. What changed was positioning, liquidity, and a sudden macro shock—not the long‑term drivers.
CONSIDER:
Silver demand from solar, EVs, and electronics remains extremely strong. Nothing in today’s news suggests a reversal of these multi‑year industrial trends.
Central banks have been accumulating gold for years as a hedge against currency debasement and geopolitical risk. No new data today indicates a reversal.
The U.S. deficit trajectory and global debt levels remain historically elevated—conditions that have supported gold’s multi‑year rise. Honestly, do you see our budget deficit shrinking anytime in the next few years even with Republicans in control of both houses? And if God forbid, the Democrats take over Congress in the midterms, you can bet your bottom dollar, the deficit and debt will continue to rise. The only way I see precious metals stabilizing is if we see a balanced budget or a budget surplus. The last time that happened, Clinton was President and Gingrich was the Speaker of the House.
Heck, The macro thesis that pushed sovereigns and institutions toward gold hasn’t changed in the past 24 hours.
So No.
The long‑term drivers—industrial demand, central‑bank buying, deficits, geopolitical risk, and de‑dollarization—are intact.
What changed was:
• A hawkish Fed‑chair signal
• A dollar spike
• Leverage unwinding
• Thin liquidity
• A parabolic rally that needed to correct
This is a technical and liquidity‑driven event, not a fundamental reversal.
I’m buying more gold and silver and now is an opportunity to buy the dip.
I was reading that from multiple FReeper postings, this week.
“I was giving my pal grief over buying at $50 years ago.”
That only time would have been at the exact peak of the Hunt brothers’ bubble. 1980.
That $50 in the stock market would be worth over $2,000 now.
It was pretty close to 50 again sometime in the early 2010s.
No, you lying Buffoon moron - it was between 10 and 15 years ago.
1980 was 45 years ago, give or take.
Local retail dealer.
Right.
Look one post back. https://freerepublic.com/focus/news/4364798/posts?page=11#11
TG is a moron troll Buffoon who is kind of like Jim Cramer.
Even after the big correction today, silver is up almost 200% in the last year. I agree this is great buying opportunity for those who weren’t in silver before the parabolic increases in 2026. The fundamentals have not changed. If you don’t own any, buy some physical silver coins and keep them in your personal possession as financial insurance.
“No, you lying Buffoon moron - it was between 10 and 15 years ago.”
OK. Let us assume he paid a high commission resulting in a cost of $50 in 2011 at the very peak which only had a VERY short window.
That $50 would now be over $200 invested in the stockmarket.
Check out his moronic Buffoon response to getting called out for his lame troll about the price.
https://freerepublic.com/focus/news/4364798/posts?page=14#14
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1/29/2026, 5:06:26 PM · 80 of 137
an amused spectator to delta7
It’s actually GREAT for silver that “Wrong-Way” Gator is cheerleading for the other side.
Means that silver is probably going to the moon.
Stack with both hands.
----------------------------------
No, no, no. Why didn’t somebody warn me this would happen? It’s only supposed to go up.
See my #16.
I wish to thank you for documenting my good expertise in the markets.
“Local retail dealer.”
Local retailer whistled all the way to the bank!
You seem to be forgetting my post where I was mad at my friend for buying at $50. you moronic troll Buffoon.
So, your post was a mind-reader's invention, since I wrote no such thing.
Stack with both hands AT YOUR DISCRETION, cretin.
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