Warsh Pick Sparks Selloff in Gold and Silver as Fed Independence Fears Recede

The U.S. dollar strengthened nearly 1 percent after a rough start to the year.An employee displays gold bars at a store of the Korea Gold Exchange in Seoul, South Korea, on Jan. 26, 2026. Jung Yeon-je/AFP/Getty Images1/30/2026|Updated: 1/30/2026Gold and silver prices suffered a sharp selloff as President Donald Trump’s pick to lead the Federal Reserve eased concerns surrounding central bank independence.Following months of speculation, the president nominated former Fed board member Kevin Warsh, a hard-money hawk who has been highly critical of the century-old institution.Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of “The War on Cash.”Author’s Selected Articles