Gold (GC=F) and silver (SI=F) appeared to steady on Monday following a dramatic crash and a reversal of a parabolic rally that stunned Wall Street.
“The dam broke,” Tom Essaye, founder of Sevens Report Research, told Yahoo Finance on Monday. “Anybody could realize that the parabolic moves we were seeing last week and most of last month were unsustainable.”
Gold hovered near $4,700 per troy ounce on Monday after tanking more than 9% last Friday, with the sell-off attributed to President Trump‘s nomination of Kevin Warsh as the next Federal Reserve Chair.
Ines Ferré | Yahoo Finance