Gold and silver prices plunged overnight after US President Donald Trump announced his nomination for the US Federal Reserve.
In the latest market rout, more than $US15 trillion ($AU21 trillion) was wiped from the gold and silver price over 24 hours.
» Read more about: ‘Half the US economy’: $15 trillion erased »
Labors work at a factory’s workshop in Huaying, Sichuan province of China.
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China’s recent record $1.1 trillion trade surplus showed that despite President Donald Trump‘s efforts to use tariff policy to slow China’s manufacturing export strength,
Gold is “a way of going long on fear,” Warren Buffett said in a 2011 appearance on CNBC’s “Squawk Box.” He added that if people become more afraid, you make money, and if they become less afraid, you lose money, because “the gold itself doesn’t produce anything.”
In his 2011 Berkshire Hathaway shareholder letter,
» Read more about: Warren Buffett's surprising investing preference: silver, not gold »
Why is NVIDIA stock price rising?
NVIDIA stock price is rising mainly because of strong demand for Artificial Intelligence hardware and data center GPUs.
Is NVIDIA Stock good for long-term investment?
NVIDIA Stock shows strong growth potential, but its high valuation also means there is greater risk if earnings slow.
» Read more about: NVIDIA Stock Price at $192.51 as AI Demand Lifts Tech Stocks »
The SPDR Gold Shares ETF had large positions expiring Friday at $465 and $455, while on Comex, sizable March and April options positions were at $5,300, $5,200 and $5,100.
» Read more about: Options Trading Compounds Golds Biggest Plunge In Decades »
The sell-off in technology shares continued on Wall Street for the second-day running leading to the Nasdaq declining nearly 1% during Friday’s trading session. The S&P 500 also fell 0.4%, extending the drop after briefly crossing the 7,000 mark early last week.
Dow Jones, which at one point, was down nearly 500 points,
» Read more about: Nasdaq leads Wall Street losses as Dollar rallies, Dow Jones falls 200 points »
The S&P 500 (SNPINDEX:^GSPC) fell 0.43% to 6,939.03 and the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped 0.94% to 23,461.82 on tech and growth weakness. The Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.36% to 48,892.47 as risk assets sold off broadly.
» Read more about: Stock Market Today, Jan. 30: Gold Plunges As Dollar Strengthens »
S&P 500 Dow Nasdaq January performance: US stocks finished lower on Friday as pressure on technology shares continued, even as investors reacted positively to US president Donald Trump’s decision to nominate Kevin Warsh as the next Federal Reserve chair, as per a report.
The S&P 500 slipped 0.43% to 6,939.03,
President Donald Trump has tapped Kevin Warsh for the Federal Reserve’s next chair after months of escalating pressure on the Fed to cut interest rates.
“I am pleased to announce that I am nominating Kevin Warsh to be the Chairman of the Board of Governors of the Federal Reserve System,” Trump announced on Friday morning.
» Read more about: Trump Nominates Kevin Warsh as Federal Reserve Chair »
Bitcoin spot exchange-traded funds (ETFs) experienced one of the biggest one-day reversals of the year on January 29, as investors pulled out nearly $818 million from U.S.-based products as the Bitcoin price dropped to its lowest spot in nine months.
Sosovalue data shows that spot Bitcoin ETFs recorded net daily outflows of $817.87 million on January 29,
» Read more about: Bitcoin ETFs Bleed $817M as BTC Crashes to 9-Month Low – Is the Worst Over? »