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Gold's searing run halted, silver ends below $100 as Warsh nomination to Fed hits dollar debasement trade
The brakes were pumped on the breathless rally for gold and other precious metals Friday as investors weighed the implications of Kevin Warsh's nomination as the next Federal Reserve chair. Traders pointed to President Donald Trump's pick of Warsh as Fed chair as the catalyst for the bounce in the U.S. dollar Friday, said Michael Armbruster, co-founder and managing partner at futures brokerage Altavest. And the pullback in metals was likely tied to an "oversold bounce" in the U.S. dollar index, which recently has had a high negative correlation with gold, Armbruster told MarketWatch. The ICE U.S. Dollar Index DXY ... (full story)
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