Group 1 - The global precious metals market experienced a panic sell-off, with silver prices dropping over 34% from above $110/oz to around $75/oz, and gold prices falling over 12% from $5400/oz to approximately $4700/oz, marking the largest single-day drop since 1983 [1] - The decline in precious metals is attributed to profit-taking by investors after record gains and a rebound in the US dollar, alongside the news of Kevin Walsh being nominated for the next Federal Reserve Chairman, which negatively impacted gold and silver prices [4] - Analysts predict that the Federal Reserve may slow down its easing measures due to rising inflation and improving economic growth in the US, which could exert temporary pressure on gold prices [4] Group 2 - In Beijing, gold recycling prices dropped nearly 70 yuan per gram overnight, with significant fluctuations observed throughout the day, leading to a potential loss of around 800 yuan for sellers due to rapid price changes [5] - Consumers expressed frustration over the rapid decline in gold prices, with some reporting significant losses shortly after purchasing gold [5] - Retailers have implemented strict return policies for gold products, with many not accepting returns for investment gold items, and some brands charging fees for returns, which has led to consumer complaints about high fees and lack of clear communication regarding return policies [9][11]

分组1 - Kevin Warsh is set to take over as the new Fed Chair in May, pending Senate confirmation, succeeding Jay Powell [1] - Warsh is regarded as a credible and respected figure in monetary policy, with a strong background and insight [2] - The Fed's recent decision to keep interest rates steady reflects a positive outlook, with a stable unemployment rate and indications of diminishing risks [9][10] 分组2 - Inflation measures suggest no significant overheating in the economy, with current data supporting a cautious approach to monetary policy [7] - The Fed remains data-dependent, with potential changes in inflation expectations and tariff impacts being key factors to monitor [10][11] - The U.S. dollar has weakened, which could benefit exports but may also lead to higher prices domestically, potentially exacerbating inflation [22][23]

Core Viewpoint - President Donald Trump has nominated Kevin Warsh to be the next chairman of the Federal Reserve, following a lengthy deliberation process, with the current chairman Jerome Powell's term set to expire in May 2022 [1]. Group 1: Kevin Warsh's Background - Warsh served as a member of the Fed's Board of Governors from 2006 to 2011 and was the youngest Fed governor in history [2]. - He has experience in the private sector at JPMorgan and served in President George W. Bush's administration prior to his first Fed appointment [2]. - Warsh has held roles at the Hoover Institution, Stanford's Graduate School of Business, and the board of UPS, and has been an economic adviser to the Congressional Budget Office [4]. Group 2: Industry Reactions - Bank of America CEO Brian Moynihan expressed confidence in Warsh's background and experience, wishing him well in the confirmation process [7]. - UPS CEO Carol Tomé highlighted Warsh's financial markets knowledge and crisis management expertise, celebrating his nomination [7]. - U.S. Chamber of Commerce CEO Suzanne Clark noted Warsh's focus on economic growth and stable prices, looking forward to his confirmation [8]. - Investment Company Institute CEO Eric Pan commended Warsh's experience in monetary policy and financial regulation, emphasizing his understanding of the Federal Reserve's dual mandate [8]. - American Bankers Association CEO Rob Nichols praised Warsh as an experienced policymaker with a deep understanding of monetary policy and the role of banks in the economy [11]. - Independent Community Bankers of America CEO Rebeca Romero Rainey congratulated Warsh, noting his understanding of community banks' role in the economy [12].

Core Viewpoint - The appointment of Kevin Worsh as Fed chair is seen as a significant choice, with expectations that he will face challenges in navigating a divided Federal Reserve and a complex economic landscape [1][2][3]. Group 1: Challenges Ahead - Worsh must successfully navigate a Senate hearing and build consensus within a divided Fed while reassuring markets of his independence [2][3]. - The current economic environment is described as unusual, requiring Worsh to adapt his approach to monetary policy [2][3]. Group 2: Historical Context and Expectations - Worsh has a history as a monetary policy hawk, and there are concerns about whether he can adapt to the current economic conditions without reverting to past dogmas [4][5][8]. - The market is expected to test Worsh's commitment to controlling inflation, posing a challenge to his leadership [9][10]. Group 3: Learning from the Past - Central bankers, including Worsh, are capable of learning from past mistakes, which is crucial for maintaining credibility in inflation control [11][12]. - The transition to Fed chair brings a significant change in responsibility, requiring Worsh to adapt his previous commitments and strategies [13][14].

Market Overview - Bitcoin remained stable at $83,873, increasing by 0.2% on the day, while gold and silver prices experienced significant declines, with gold dropping nearly 9% to $4,877 per ounce and silver plunging 28% to $82 per ounce [1] - The CBOE Gold ETF Volatility Index surged to 46.02, the highest since March 2020, and the Cboe Silver ETF Volatility Index peaked at 123.03, marking a record high since its launch in 2011 [2] Interest Rate Expectations - The recent market movements indicate that traders have rapidly adjusted their expectations regarding interest rates and liquidity, which typically impacts precious metals negatively [3] - The selloff in precious metals coincided with President Trump's nomination of Kevin Warsh to replace Fed Chairman Jerome Powell, which has implications for monetary policy [3][4] Cryptocurrency Sentiment - Bitcoin's trading range on Friday was between approximately $82,000 and $84,000, following a sharp decline from $88,000 to nearly $81,000 [5] - Market sentiment among Bitcoin users is mixed, with a 57.5% probability of Bitcoin rising to $100,000, while skepticism remains high as indicated by the Crypto Fear & Greed Index, which dropped to 16, the lowest level since the beginning of the year [6][7]

Core Viewpoint - President Donald Trump has nominated Kevin Warsh to be the next chairman of the Federal Reserve, which may lead to a contentious confirmation process in the Senate [1] Group 1: Nomination and Background - Kevin Warsh, aged 55, previously served on the Federal Reserve Board of Governors from 2006 to 2011 and was considered for the Fed chair position when Trump nominated Jerome Powell in 2017 [1] - Jerome Powell was confirmed in a bipartisan manner and reappointed during the Biden administration in 2022, but his term is set to expire in May [2] Group 2: Political Reactions - Some Republican senators have expressed concerns about the nomination process, with one senator vowing to block any Fed nomination unless the Department of Justice (DOJ) drops its investigation into Powell [5][12] - Senate Banking Chair Tim Scott emphasized the importance of accountability and credibility in the Federal Reserve, stating that Warsh's nomination reflects this focus [7][8] - Senator Elizabeth Warren criticized the nomination, suggesting that Warsh's loyalty to Trump was prioritized over the Fed's independence [10] Group 3: Support and Criticism - Senator Thom Tillis acknowledged Warsh's qualifications but reiterated his opposition to any Fed nominee until the DOJ's inquiry into Powell is resolved [12][13] - Senator Cynthia Lummis expressed the need for the Federal Reserve to embrace digital assets and innovation, supporting Warsh's nomination [16] - Senator Dave McCormick praised Warsh as a suitable candidate to fulfill the Fed's mandate of maintaining inflation control while promoting growth and job opportunities [18]

Market Reaction - Gold prices fell by as much as 10%, dropping from $5,500 to around $5,136 per ounce following the news of Kevin Warsh's nomination as the next chair of the Federal Reserve [1][6] - Silver prices declined by up to 20%, decreasing from $120 to around $103 per ounce [1][6] Economic Context - Gold and silver had previously surged to record highs due to investor demand driven by concerns over inflation, rising government debt, and political pressure on the Fed [2] - Precious metals are typically viewed as safe havens, particularly when there are fears that the Fed might cut interest rates sharply [2] Nominee Profile - Kevin Warsh has a hawkish track record from his tenure as a Fed governor from 2006 to 2011 and is expected to maintain the Fed's independence [3] - Warsh's background includes experience in investment banking at Morgan Stanley and involvement during the great financial crisis, which is seen as a valuable pedigree for the role [4] Implications for Investors - The nomination of Warsh is perceived to alleviate concerns among businesses and investors, as higher interest rates generally favor yield-producing assets over non-yielding hard assets like gold and silver [6] - The ongoing criminal investigation into current Fed chair Jerome Powell may also impact investor confidence and the overall financial landscape [12][13]

Bitcoin is sinking closer to its April tariff lows. A boost from easing monetary policy might help, but investors are cautious right now. ...

Key Takeaways President Donald Trump has selected former Federal Reserve Governor Kevin Warsh as his nominee to be the next chair of the Federal Reserve after Jerome Powell's term ends in May.Warsh has argued for lower interest rates, and as Fed chair, will be in a position to influence them. President Donald Trump has selected former Federal Reserve Governor Kevin Warsh to be the next chair of the central bank.Warsh, who served as a Fed governor between 2006 and 2011, beat out several finalists for the ...

Core Viewpoint - The nomination of Kevin Warsh as the next Federal Reserve Chair could lead to a more cautious approach to interest rate cuts compared to other candidates [1][9]. Group 1: Nomination and Background - President Donald Trump announced Kevin Warsh as his nominee for the Federal Reserve Chair, set to take over in May when Jerome Powell's term ends [1][2]. - Warsh served as a Fed governor from 2006 to 2011 and was selected over other finalists, including Trump Economic Advisor Kevin Hassett and BlackRock Executive Rick Rieder [2]. Group 2: Monetary Policy Implications - Warsh's selection may significantly influence the Federal Reserve's monetary policy and the fed funds rate, affecting borrowing costs across various loans [3]. - While Warsh has advocated for lower interest rates, he may not be as "dovish" as other candidates, indicating a more measured approach to rate cuts [4][9]. Group 3: Economic Context - The Federal Open Market Committee (FOMC) is currently divided on whether to cut rates to support a slowing job market or maintain higher rates to combat inflation above the 2% target [6]. - The new Fed Chair will inherit the challenge of balancing these conflicting economic pressures, as the job market has slowed while inflation remains high [7]. Group 4: Political Dynamics - Warsh's ability to implement rate cuts may be constrained by political pressures, including Trump's demands for significant cuts and ongoing investigations into committee members [8][10]. - There are concerns that if the Fed is pressured to cut rates sharply, it could undermine public confidence in its ability to control inflation, potentially leading to a self-fulfilling prophecy [10][11].