Gold goes cold as Fed takes a Warsh

Monday 2nd February 2026

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Today’s episode digs into the market whiplash triggered by President Trump’s nomination of Kevin Warsh as the next Fed Chair — a move that nudged the US dollar higher, knocked the Aussie lower, and sent precious metals into a full‑blown plunge, even as equities and bonds delivered a more mixed, almost reluctant response. We unpack whether the gold and silver surge was really about Fed independence, revisit Warsh’s crisis‑era credentials and his scepticism of QE, and explore what his arrival means for balance‑sheet policy, rate‑cut expectations, and the future of Stephen Miran. Alongside that, we scan a messy global backdrop: China’s PMIs slipping below 50, Europe surprising with stronger GDP, US manufacturing beating forecasts, Japan’s inflation still too sticky for the BoJ’s comfort, and Washington wrestling with a partial government shutdown. Plus, a look ahead to a packed central‑bank week — RBA, BoE, ECB — and a Middle East update that has US officials signalling caution despite the President’s military build‑up.

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