The PRICE of SILVER fell $2 per ounce on Thursday from yesterday's new record high near $59, cutting its 2025 gains to just below 100% as the US Dollar fell for the 10th session straight after Donald Trump pretty much confirmed his pick of long-time economic advisor Kevin Hassett as the Fed's next chairman despite "doubt" and "alarm" on Wall Street.

Gold recovered a dip through $4200, a new all-time gold price record 7 weeks ago, while global stock markets rose, taking the MSCI World index of rich-economy equities within 0.3% of end-October's all-time high.

But New York stocks opened the day unchanged while so-called crypto currency Bitcoin fell back from the past week's rally, trading dead-flat against the Dollar for 2025 to date.

That comes even as the Dollar shows an 8.9% drop against its rich-economy peers and a loss of 6.2% on its broader trade-weighted index.

The Dollar rallied Thursday from yesterday's new 13-month lows versus the Chinese Yuan, but it fell further against rich-economy currencies, down 1.5% on the DXY index from mid-November's test of the past 6 months' upper level.

Multi-asset and macro fund managers have always viewed gold as safety investment, attendees of bullion trade association the LBMA's annual seminars heard Wednesday.

But following the financial and economic shock of Trump's 'Liberation Day' tariffs announcement in April, gold became an "anti-Dollar trade" bought by professional investors to meet their clients' desire of going short the US without having to go long of another country's currency and therefore its credit, political or economic risk.

"Gold is still pricing in concerns over Fed independence and the possibility of stagflation," says analyst Rhona O'Connell at brokerage StoneX, "as well as underlying geopolitical risk and international tensions."

But together with silver − a more industrially-useful precious metal − "both metals are like runaway trains, which ultimately will have to slow or come off the rails."

"I guess a potential Fed chair is here, too," said the US President at a gathering attended by Hassett in the White House on Tuesday.

"I don't know, are we allowed to say that, potential? He's a respected person that I can tell you. Thank you, Kevin."

Senior executives at major US banks, asset managers and other big bond investors have told the Treasury "they are concerned Hassett will cut interest rates aggressively to please Trump," reports the Financial Times, contrasting his chief economic advisor with current Fed chair Jerome Powell − also chosen by Trump but refusing to slash rates as the President wants.

But while Hassett is a "credible" economist according to US financial giant Citi's head of equity trading, he doesn't have the "credibility within the [Fed's policy] committee to drive consensus" towards slashing rates, says Gregory Peters, co-chief investment officer at $900bn fund managers PGIM Fixed Income.

"I think that’s what the bond market is telling you."

Falling bond prices on Thursday pushed up Washington's 10-year borrowing cost to the highest level in 2 weeks at 4.09% per annum.

Gold prices ended London trade dead-flat for the week so far at $4211 per Troy ounce, while spot silver dropped through $57 per Troy ounce, sharply off yesterday's fresh all-time record price, 3 cents shy of $59 and erasing almost all of this week's previous jump.

Trump this week also announced a $6 billion donation for stock-market investment from computer mogul Michael Dell, topping up the $14bn of taxpayer spending on stocks already promised through 'Trump Accounts' set to give $1000 of "seed capital" to every child born during the President's 2025-2029 term.

With the US Supreme Court now reviewing the legality of Trump's trade tariffs while giant retailer Costco sues for compensation, crude oil prices today steadied below $63 per barrel of European benchmark Brent, a 4-year low when hit amid April's 'Liberation Day' financial slump.

Copper meantime held near Wednesday's new record high on the London Metal Exchange, while Nymex copper futures for New York settlement edged back from a 4-month high, trading 9.2% below the record price hit in late-July after US President Trump imposed import tariffs on the base metal.

While London copper prices have risen 30.5% so far this year, gold has gained 60.9% and silver 99.0%.