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February 3, 2026About $15 trillion erased: about half the size of the US economy
Gold and silver prices plunged overnight after US President Donald Trump announced his nomination for the US Federal Reserve. In the latest market rout, more than $US15 trillion was wiped from the gold and silver prices over 24 hours. This is half the size of the entire US economy.
Spot silver prices fell by as much as 30 per cent to $US80.55 before recovering briefly throughout the US trading day. The plunge in silver prices was the biggest one-day fall since March 20, 1980.
Spot gold prices plunged around 11 per cent to $US4812 an ounce. Gold and silver had been trading in an increasingly speculative environment, with gold up nearly 20 per cent and silver more than 30 per cent over the past 10 days.
The price of gold is falling following a strong run for the commodity when it set two historic records throughout the week. Gold started 2025 worth $US2600 an ounce, but investors have piled into the safe-haven asset over the past 13 months, sending the price more than 90 per cent higher prior to Saturday’s falls.
