Gold and silver spike to record highs after Powell says DOJ subpoenas are latest Trump attempt to influence monetary policy
Sherwood News••business
Key Points:
- Precious metals surged to record highs on Monday, with gold reaching $4,599 and silver trading at $84.60, driven by concerns over political interference in Federal Reserve monetary policy.
- Federal Reserve Chair Jerome Powell revealed that the US Department of Justice served the Fed with grand jury subpoenas threatening criminal indictment related to his Senate testimony on Fed facility renovations, amid President Trump's criticism and threats to fire Powell.
- Powell emphasized that the subpoenas represent a threat to the Fed's independence in setting interest rates based on economic evidence rather than political pressure, raising concerns about potential impacts on monetary policy credibility.
- The US Dollar Index weakened by approximately 0.4% against major currencies following the news, boosting demand for safe-haven assets like gold and
