Gold and silver keep spiraling after market meltdown

Silver and gold prices have been on a blistering rally before last week's meltdown.

Emmanuele Contini/NurPhoto/Getty Images

• Gold and silver prices continue to slump after Friday's market meltdown.
• The crash in prices came after a blistering rally that sent gold and silver prices to record highs.
• President Donald Trump's pick of Kevin Warsh as the next Fed chair hit the debasement trade.

Precious metals extended their losses in Asian trading on Monday after a brutal sell-off late last week.