Emmanuele Contini/NurPhoto/Getty Images
- Gold and silver prices continue to slump after Friday’s market meltdown.
- The crash in prices came after a blistering rally that sent gold and silver prices to record highs.
- President Donald Trump’s pick of Kevin Warsh as the next Fed chair hit the debasement trade.
Precious metals extended their losses in Asian trading on Monday after a brutal sell-off late last week.
Spot gold was down 3.6% at around $4,717 per troy ounce at 10:08 p.m. ET on Sunday, after tumbling more than 10% on Friday. Despite the pullback, the yellow metal remains up about 10% year to date.
Spot silver fell 5% to around $80.90 an ounce after plunging as much as 36% on Friday. Prices are still up 19% so far this year.
