Silver Plunges 37% on Fed Chair News, Dollar Rebound
Silver prices plunged around 37% on January 30, 2026, marking a record single-day drop, while gold fell about 12-14% amid a sharp market reversal.
No evidence supports a $20 trillion wipeout from global markets in the last two days; recent U.S. indices like the S&P 500 dipped under 0.5% on January 30 after minor prior losses.
Precious Metals Crash
President Trump's nomination of Kevin Warsh as Fed Chair triggered the sell-off, strengthening the dollar and prompting profit-taking after prior rallies—silver had surged over 50% in January before crashing from highs above $120/oz.
Gold dropped from around $5,000+ to $4,880-$5,075/oz, with leveraged ETFs amplifying losses up to 60%.
Liquidity issues and stop-hunting exacerbated the moves in thin after-hours trading.
Broader Markets
Global equities saw no massive $20T erasure recently; an older 2022 report referenced year-to-date losses, but current data shows modest January declines (S&P 500 down 5% YTD).
Crypto like BTC (~5% drop from $89K to $84K) and ETH (6% from $3K to $2.8K) over Jan 29-30 followed similar patterns but nothing extreme.
Implications
The post exaggerates scale for hype—volatility spiked due to policy news, not systemic failure.
Crypto remains vulnerable to similar dollar-driven pressure, but no cascade to $BTC, $ETH, or $BNB is evident yet.
