The values ​​of silver, gold and platinum collapsed – Experts: The reason is Trump’s appointment as head of the central bank

The value of silver had fallen by more than 30 percent to less than $80 an ounce on Friday. The value of gold, on the other hand, had weakened by more than 12 percent and the price collapsed to less than about $4,700 per ounce. Platinum fell more than 19 percent to around $2,100 an ounce.

Financial news office Bloomberg’s According to

As for gold, it is the biggest intraday drop since the early 1980s, Bloomberg and news agency Reuters say

The value of silver, on the other hand, is on its way to the biggest daily decline of all time.

Nordic strategy Hertta Alavan according to the collapse of the value of silver, gold and platinum is most probably related to the fact that the president of the United States Donald Trump announced earlier on Friday that he would appoint the central bank’s new governor Kevin Warshin.

Warsh has previously worked, among other things, as a member of the central bank’s executive board.

According to Alava, the fear that the central bank would lose its independence has now decreased.

In the past, people may have bought precious metals in case a director was elected to lead the central bank, whom the market would not trust, says Alava. They could have thought that at that time the dollar would weaken and investors would withdraw their investments.

Fiber points out that the value of gold has increased by almost one hundred percent in a year. Gold is a safe haven used by many investors, where capital is transferred in uncertain times

Alava believes that the value of precious metals can fall even further and return to its previous level. However, it also depends on world political events. According to him, the central banks of developing countries are still buying gold.

Also US financial news channel CNBC estimates that the reason behind the collapse in the value of precious metals is Trump’s decision to appoint Warsh to head the central bank.