Gold sinks to $4,900, silver crashes 25% as precious metals trade unwinds

Gold (GC=F) futures fell as much as 11% on Friday to trade below $4,900 per troy ounce in a severe reversal of this year's massive rally in precious metals. Spot gold saw its biggest daily drop since the early 80's while silver (SI=F) futures tumbled more than 25%. The volatility came alongside a wider stock market sell-off, with the major averages all lower after President Trump selected Kevin Warsh as the next Federal Reserve Chair. The nomination appeared to eased concerns about the central bank’s ind ...