White House announces Trump's nomination of Kevin Warsh as Fed Chair

Kevin Warsh XAG Fed funds (upper)

The White House released a statement on January 30, 2026 welcoming President Trump's nomination of Kevin Warsh to lead the Federal Reserve as Chair. The nomination put a new name at the top of the central bank that sets the policy rate for the dollar and real yields. Silver and gold fell sharply the same day; the link to the nomination is the interpretation of analysts, not a confirmed cause.

Nominee: Kevin Warsh, to lead the Federal Reserve as Chair
Announced January 30, 2026
Same-day precious metals selloff

XAG around the story · hourly24 h reaction ▼ 9.64%

Moves this explains

HG−5.87%Jan 29 · Copper fell 5.87% a day after its record high, in a metals selloff with gold -10.02%, silver -26.82% and the S&P 500 -0.53%. Reuters, via Kitco (30 Jan 2026), tied the selloff to profit-taking and a firmer dollar as markets priced in Kevin Warsh as Fed chair. Reports disagree on the size of copper's drop: Reuters reported an intraday fall of 1.1% to $13,465 a tonne, so the -5.87% close-to-close figure is larger than that report.

Source

The White House

Jan 30, 2026

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