Silver Crashes 4% After Warsh's Hawkish Jackson Hole Speech

Silver prices plummeted 4% on Friday after Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Economic Symposium.

The metal had reached a two-month high of $71.12 earlier in the day, but quickly reversed course as traders unwound their positions in response to Warsh's hawkish tone.

Warsh's remarks lifted Treasury yields and strengthened the dollar, making it more expensive for investors to hold silver, which generates no yield and is priced in dollars.

Silver closed at $66.76, down 3.60% on the session, as traders repriced their positions based on the new interest rate expectations.