Can You Guess When Chair Warsh Started Speaking? Just Look at Gold.

The 1-day Spot Gold/USD chart on WatchGold.org tells the story. Gold’s reaction to Warsh’s Jackson Hole speech was immediate — initially dropping about $60 before the selloff accelerated. Gold is now down approximately $127 on the day, while silver is off $2.60, or 3.6%. Was the market hearing more than just a hawkish Fed Chair? Was Warsh defending the FOMC’s independence and responsibilities, while pushing back against Treasury Secretary Bessent’s efforts to bring long-term rates lower? Whatever the interpretation, precious metals clearly didn’t like the message. Sometimes the chart tells the story better than words. The bulls have some work to do next week.