Gold and silver prices fall as Trump names Kevin Warsh as his Fed Chair pick. Why are precious metals down?

Gold and silver have had an exceptional year, breaking record high prices on what’s felt like a daily basis. But, as the saying goes, what comes up must come down. 

On Friday, January 30, gold fell over 6.4%, to $4,962 per ounce in the lead-up to President Trump’s announcement that Kevin Warsh is his pick to be the new Federal Reserve chair. 

Even a week ago, gold reaching over $4,900 would have been a record-breaking feat. The precious metal only topped $5,000 per ounce for the first time this past Monday.