Gold and Silver Plummet as CME Hikes Margins After Warsh Nomination

Spot gold fell about 6% to $4,565.79/oz and spot silver dropped roughly 12% to $74.48/oz as CME Group raised margin requirements on precious metals after last week’s slide triggered by Kevin Warsh’s nomination for Fed chair, fueling forced liquidations and selling amid higher capital costs; the move wiped out more than $1,000 from gold’s record peak, though some analysts like JPMorgan remain bullish on gold’s medium-term prospects.