Analyst Michael Brown on extended meltdown in precious metals prices
The prices of precious metals have extended a meltdown, after investors anticipated that US President Donald Trump's nominee for Federal Reserve chair Kevin Warsh is unlikely to cut interest rates as much as the US leader wants, given his strong stance on inflation. Meanwhile, top commodity exchange CME Group has raised margins required on precious metals futures trading. The changes have wiped out most of the gains gold has made in its record-breaking rally this year. Mr Michael Brown, a senior research strategist at Pepperstone, shared more about the extended rout.
The prices of precious metals have extended a meltdown, after investors anticipated that US President Donald Trump's nominee for Federal Reserve chair Kevin Warsh is unlikely to cut interest rates as much as the US leader wants, given his strong stance on inflation. Meanwhile, top commodity exchange CME Group has raised margins required on precious metals futures trading. The changes have wiped out most of the gains gold has made in its record-breaking rally this year. Mr Michael Brown, a senior research strategist at Pepperstone, shared more about the extended rout.
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