Gold, silver prices plummet after Kevin Warsh becomes Fed Chair nominee, may signal bullish tech stocks; Tom Lee sees metals drop as positive market reset. Prof Jeremy Siegel lauds Warsh as 'responsible choice.' Dollar stability shifts focus away from precious metals.

President Donald Trump's nomination of Kevin Warsh as the Fed Chair has caused a significant impact on the precious metals market. The surge in gold and silver prices came to a sudden halt on Feb. 2, triggering a sharp decline. Tom Lee, Head of Research at Fundstrat, described the previous rally as a "juggernaut trade" that was diverting risk appetite from the stock market. The nomination of Warsh has been seen as a turning point, potentially releasing trapped capital into risk assets. The stability of the U.S. Dollar is a key focus following the nomination, with market experts like Professor Jeremy Siegel praising Warsh as a responsible and qualified choice. The tech sector is expected to see a shift following the nomination, as the fear of currency debasement diminishes with the strengthening dollar. The market views this change as an opportunity for a rotation out of metals and into other assets. The full story is available on Benzinga.com.