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Core Viewpoint - The decline in precious metal prices is primarily driven by the nomination of Kevin Warsh to replace Jerome Powell as the Federal Reserve Chairman, which has led to market uncertainty and a reevaluation of trading strategies [1][5]. Precious Metals Market - As of the latest report, international spot gold prices have dropped over 3.5%, hovering around $4,700 per ounce, following a historic decline of over 9% last Friday, marking the largest single-day drop since 1983 [1]. - International spot silver prices fell by 7.6%, dropping below the $80 mark, with a significant plunge of 36% last Friday, setting a record for the largest single-day decline [1]. - Analysts suggest that the recent sell-off in precious metals began at the end of January, driven by concerns over the Federal Reserve's independence and the potential for a declining dollar [4]. Market Reactions and Strategies - The nomination of Warsh, perceived as a hawkish figure, has prompted investors to reassess their previous trading strategies, which included long positions in commodities and precious metals [5]. - Market participants are particularly concerned about Warsh's advocacy for reducing the Fed's balance sheet, which could tighten liquidity—a critical factor for market stability [5]. - Despite the current downturn, some analysts view the sell-off as a "healthy correction" rather than a signal of a long-term trend reversal, predicting that gold could reach $5,020 per ounce and silver around $88 by year-end [7][8]. Future Outlook - Deutsche Bank analysts maintain their forecast for gold prices to rise to $6,000 per ounce by year-end, indicating that the fundamental drivers for higher prices remain intact [8]. - JPMorgan Private Bank suggests that gold's allocation in investment portfolios could increase from the current level of just over 3% to between 5% and 10%, driven by geopolitical risks and central bank purchases [9][11]. - HSBC's chief multi-asset strategist argues that the recent price declines should be viewed as a position liquidation rather than a panic signal, emphasizing that these adjustments are unlikely to significantly impact stock and credit markets [11].