‘FOMO’ trade finally loses steam as gold and silver sink on Warsh nomination

The steady march higher for precious metal prices has finally faltered, with both gold and silver dropping over the course of the weekend.

At the time of writing, gold is down to $4,700 per Troy Ounce, having sat comfortably above $5,000 for the latter part of January. Silver is also down to $80 per Troy Ounce, similarly dropping on Thursday when news that Kevin Warsh would receive the nomination for Fed chairman firmed up.

The price of precious metals, seen as an asset of safe haven...