Wall Street reacts to President Trump's Fed Chair nomination: Kevin Warsh

• Silver and Gold are experiencing significant pullbacks (Silver down ~18%, Gold down ~6.5%) from recent highs.
• Analysts attribute the precious metals' sharp rise and fall to 'meme-ish' retail trading and leverage, with the current drop seen as a healthy correction.
• The nomination of Kevin Warsh is perceived to bring clarity and potentially a more disciplined Fed policy, which could calm market volatility.
• Central bank asset allocation (selling US Treasuries, buying gold/silver) is noted as a longer-term trend separate from recent speculative moves.

The discussion revolves around President Trump's nomination of Kevin Warsh as Fed Chair and its immediate market implications. While major indices are down, the primary focus is on the sharp pullback in silver and gold, attributed to the unwinding of speculative, retail-driven momentum rather than fundamental policy shifts. The resolution of Fed leadership uncertainty is seen as a positive for market stability.