President Donald Trump on Friday chose former Federal Reserve Governor Kevin Warsh to head the U.S. central bank when Jerome Powell's leadership term ends in May.

Silver saw a brutal reversal on Friday, down more than 30%. Gold dropped more than 10% and stocks tumbled as traders reacted to Trump's pick for Fed chair.

CNBC's Pippa Stevens joins 'Money Movers' to discuss why gold and silver dropped after President Donald Trump's Fed chair announcement.

Gold tumbled early Friday as markets reacted to the news that President Donald Trump has selected Kevin Warsh to replace Jerome Powell as head of the Federal Reserve. Continuous gold futures were down 3.

Gold and silver prices dived Friday and European stock markets ended the week up while Wall Street pulled back with investors reassured by US President Donald Trump's pick to take

Gold and silver prices plummeted early Friday morning following news that President Trump planned to nominate Kevin Warsh as the next chair of the Federal Reserve. Investors started selling off precious metals with gold falling by as much as 10%,

Shares of mining companies fell Friday alongside gold and silver futures after President Trump nominated Kevin Warsh to become Chairman of the Federal Reserve. Front-month Comex February gold ( XAUUSD:CUR) and March silver ( XAGUSD:CUR) recently traded -5.