Gold and Silver Prices Crater as Kevin Warsh Fed Nomination Sparks Sharp Deleveraging
Precious metals faced a massive liquidation on Friday, with gold dropping as much as 8% to break below the $5,000 threshold and silver falling below $100 per ounce.
The correction followed reports and subsequent confirmation of Kevin Warsh as the next Federal Reserve Chairman, sparking a sharp rebound in the U.S. dollar index.
Analysts at Goldman Sachs and other institutions noted that heavy concentration in call options exacerbated the downwa…
El Salvador Expands Reserves with $50 Million Gold Purchase as Bitcoin Accumulation Continues
The Central Reserve Bank of El Salvador (BCR) purchased 9,298 troy ounces of gold, valued at approximately $50 million, to strengthen its international reserves.
The acquisition brings the nation’s total gold holdings to 67,403 ounces, worth roughly $360 million at current market prices.
Despite recent legal amendments making Bitcoin acceptance voluntary to satisfy IMF loan conditions, the government continues its 1 BTC per day accumulation st…