Huge collapse in the price of silver

The price of silver fell by 20 percent on Friday. It is the largest intraday in almost twenty years. The last time something similar was seen in 2008.

Silver was pushed downward by the President of the United States Donald Trump’s confirmation of the appointment of the governor of the central bank. Trump confirmed today on the Truth Social messaging service that From Kevin Warsh will be the new head of the Federal Reserve. The media reported on the appointment in advance, which caused the US dollar to rise, and the rise of the dollar in turn weighed on metals.

The prices of metals and raw materials have recently been very fluctuating due to, among other things, political tensions. There has also been concern about the future head of the Fed and whether the independence of the central bank will be preserved. On Friday, in addition to silver, gold and copper also fell.

However, the recent rally has been so strong that Friday’s drop will not yet take away January’s returns, at least for silver and gold.

On Friday evening, the spot price of silver was down 19.1 percent and the spot price of gold was down 7.6 percent.

Friday’s decline was also reflected in mining companies globally. Silver company in Finland Sotkamo Silver ended up down 14.8 percent and the gold mining company Endomines fell by 3.3 percent at the end of trading.