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Core Viewpoint - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump is a significant personnel decision that has caused fluctuations in financial markets, particularly impacting precious metal prices. Warsh's policy proposals, which include supporting interest rate cuts, reducing the Fed's balance sheet, and narrowing the Fed's functional scope, are seen as challenging to implement effectively [1][2][11]. Group 1: Warsh's Monetary Policy Proposals - Warsh supports interest rate cuts, aligning with Trump's views that rapid rate reductions are essential for selecting a Fed Chairman. He believes that artificial intelligence will play a crucial role in reducing inflation and enhancing economic competitiveness [7][10]. - Warsh has consistently opposed quantitative easing, arguing that it encourages significant government deficits and ultimately leads to inflation. He advocates for a new agreement between the Treasury and the Fed to clarify the target size of the Fed's balance sheet [8][9]. - Warsh criticizes the Fed for overstepping its responsibilities, particularly in areas like climate change, and calls for a strategic adjustment to restore the Fed's credibility and independence [9][10]. Group 2: Challenges to Implementing Warsh's Policies - The Federal Reserve operates on a consensus basis, meaning Warsh cannot unilaterally implement policies without majority support from other members. The potential continuation of Powell as a Fed governor adds uncertainty to Warsh's ability to enact his agenda [12][13]. - There is a lack of data supporting significant interest rate cuts, as the Fed has recently paused rate reductions. Warsh's reliance on a narrative around productivity improvements from AI may not convince other committee members to support aggressive rate cuts [12][13]. - The plan to reduce the Fed's balance sheet faces resistance from both Fed officials and financial markets, which could lead to higher long-term interest rates, countering Trump's goal of lowering borrowing costs [13][14]. Group 3: Impact on Precious Metal Prices - Warsh's nomination has led to a significant decline in precious metal prices, with gold dropping over 12% and silver by 26.42% on the day of the announcement. This decline is attributed to market corrections following previous overexuberance rather than solely Warsh's nomination [15][16]. - In the medium to long term, precious metal prices are expected to remain strong amid macroeconomic uncertainties, although various factors may increase short-term volatility [15][17]. - Central bank gold purchases have been a key support for gold prices, but any significant reduction in these purchases could lead to market reassessments of gold's value, further impacting prices [17].