What Trump can do about it
Prices plummet: Gold and silver in a downward spiral
The record price rally on the precious metals markets continued for months. Then gold and silver entered a period of turbulence, and now prices have fallen sharply again. The main trigger is a far-reaching personnel decision by US President Donald Trump.
After the gold price had already fallen by nine percent on Friday, it fell again in early trading on Monday. The price of a troy ounce of gold (31.1 grams) slid by up to eight percent to around US$4,500 (around €3,775).
This means that the price of gold is now almost $1,100, or almost a fifth, below its record high of $5,595 reached on Thursday. Despite the significant losses, however, gold is still slightly more expensive than at the end of 2025, after rising 65 percent in price last year.
Far-reaching decision
The main reason for the recent slide in the gold price was Trump's nomination of former Fed governor Kevin Warsh as successor to US Federal Reserve Chairman Jerome Powell. This had fueled doubts on the markets that there would actually be a significant easing of monetary policy.
Speculators who had bet on an even higher gold price were likely caught off guard. Since they often "gamble" on credit, they quickly find themselves in trouble when prices fall and have to sell positions. This then puts further pressure on the price, creating a downward spiral until the situation is resolved.
Silver slumps dramatically
The slump from record highs is even more dramatic for silver than for gold. The price of a troy ounce slumped by up to a further 15 percent to $72.79 on Monday. After heavy turbulence with an interim discount of 36 percent at the end of trading, the loss on Friday amounted to 26 percent.
Monday's silver price is around 40 percent below the record high of $121.65. Like gold, silver still costs slightly more than at the end of 2025, despite the massive losses since Thursday's record high.
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