📉 MARKET BRIEF: Historic Crash in Precious Metals **Warsh Nomination Triggers Massive Reversal** Global commodity markets are reeling from a historic selloff as of **January 31, 2026**. President Trump’s nomination of **Kevin Warsh** as Federal Reserve Chair has upended sentiment, triggering a massive profit-taking wave that erased weeks of gains in a single session. **Gold: Worst Drop Since 2013** Gold prices collapsed approximately **9%**, marking the metal's steepest single-day decline in over a decade. * **Spot prices** plummeted to the **$4,895 – $5,080** range per ounce. * **MCX Futures** saw a vertical drop of nearly **₹11,000 per 10g**, settling around the **₹1.54 lakh – ₹1.60 lakh** levels. * The selloff comes immediately after the metal touched record peaks above **$5,100**. **Silver: Worst Crash Since 1980** The white metal faced a far more brutal correction, crashing approximately **30%** in what analysts are calling the worst trading day in nearly 46 years. * **Spot Silver** dived to near **$83.45** per ounce, down from recent highs exceeding $120. * **MCX Silver** witnessed a historic wipeout, plunging roughly **₹1.06 lakh per kg** to trade near **₹2.93 lakh**. **Key Drivers** * **Dollar Resurgence:** The nomination eased market fears regarding Fed independence, sending the **US Dollar Index (DXY)** surging 0.8% and pressuring dollar-denominated assets. * **Liquidation:** A "sell everything" sentiment took hold as leveraged positions were unwound, exacerbating the slide amid extreme margin pressure. **Outlook** Volatility remains extreme. While the long-term structural drivers for precious metals remain, the immediate technical damage suggests a period of cooling and consolidation as markets digest the new Fed leadership landscape. [What caused the 2026 silver crash?](https://www.youtube.com/watch?v=jH-WluAsnyQ) This video provides relevant context on market reactions to political events and sharp selloffs in gold and silver, similar to the current Kevin Warsh-driven crash. http://googleusercontent.com/youtube_content/0