CNBC Daily Open: Gold and silver tank amid Trump picking Kevin Warsh as Fed chair

Core Viewpoint - The nomination of Kevin Warsh as the Federal Reserve Chair has been positively received by the markets, reflecting confidence in his experience and perceived independence from political influence [2][3]. Market Reactions - Following Warsh's nomination, the U.S. dollar strengthened, indicating market approval of his credibility and autonomy [3]. - Risk assets experienced a decline, with major U.S. indexes closing lower due to falling tech stocks [4]. - Commodities faced significant sell-offs, with spot gold and silver prices dropping nearly 9% and 31.4% respectively, marking silver's worst day since March 1980 [4]. - Cryptocurrency markets also suffered, with Bitcoin trading around $75,103, falling below $80,000 for the first time since April [5]. International Market Impact - Asian markets reacted negatively, with South Korea's Kospi dropping over 5%, leading to a temporary trading halt, while Hong Kong's Hang Seng Index and Japan's Nikkei 225 lost nearly 3% and approximately 1% respectively [5]. - Oil prices decreased, with Brent crude falling 5.3% and U.S. crude losing 5.5%, influenced by comments from Trump regarding U.S.-Iran discussions [6]. Upcoming Earnings Reports - Investors are looking forward to earnings reports from tech giants Alphabet and Amazon, scheduled for Wednesday and Thursday, which may influence market sentiment [6].