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This was an inevitable correction. Gold and silver had gone parabolic for the past month. Nothing goes straight up. This takes the gold price all the way back to where it was last week.

Honestly, I don't think Warsh's appointment had much to do with it.

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Doesn't this reset the silver price to where it was at the start of the month? This is hardly news, people got a bit over-excited in January. The spike is more newsworthy than the fall, and neither are all that interesting.

Silver was around 1/3 of the current price a year ago. Calling this a crash is a bit much. If it hits $20 then it's a crash.

Side note and completely unrelated, but I got my kid a 10 oz .50 caliber silver bullet last year and kicked myself for spending that much on a gag gift (like $300). . . . Should have bought a box of them.

I don't think people are thrilled with Warsh as much as they are relieved it wasn't Hassett or like Kevin O'Leary or something really insane. Warsh has relevant experience and knowledge. He is too close to Trump (and Ron Lauder) but hopefully knows better than to cause havoc.

Yeah, I think this is a good take. It was a combination of a very steep runup, and then the needle to the balloon was to take the possibility of a truly unhinged nominee off the table.

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