Silver plunges over 20% as gold extends selloff after record highs

Gold and silver extended significant declines following record highs reached earlier in the week, with silver dropping over 20% to around $92 an ounce, and gold falling below $5000 after briefly topping $5500. This selloff followed a broader risk-off movement across stocks, crypto, and commodities on Thursday. Analysts attribute the aggressive move to profit-taking after gold gained about 20% and silver surged over 50% in the preceding month, leaving positions vulnerable to reversal. The correction accelerated after the US dollar strengthened following President Donald Trump's announcement naming former Fed Governor Kevin Warsh as the next Federal Reserve chair, making dollar-denominated commodities less attractive. The correction was broad, also hitting platinum and palladium significantly.

(Source：Crypto Briefing)