Gold, Silver drop following Trump picking Kevin Warsh for Fed Chair

• Gold dropped approximately 6.5% and silver tanked 17%, on track for its worst day since 2011.
• The Warsh nomination is cited as boosting the dollar and halting the flight to safe-haven assets.
• Silver (SLV) exhibited extreme volatility, with its daily range being the second largest in the fund's history, and was a top-traded retail ticker.
• Analysts suggest potential further retracements for gold prices to $4850 or even $4675.

Precious metals, specifically gold and silver, experienced significant drops following the potential nomination of Kevin Warsh for Fed chair, which boosted the dollar and reduced demand for safe-haven assets. Silver saw an extreme decline, marking its worst day since 2011, with high volatility and thinner liquidity in the metals market.