Warsh Inflation Warning Sends Gold Prices Tumbling

Former Federal Reserve Governor Kevin Warsh's comments at the Jackson Hole Economic Policy Symposium on Friday sent shockwaves through financial markets. Speaking to attendees, he warned that if inflation persists, additional monetary policy steps may be needed.

The warning was clear and direct: 'While this summer's personal consumption expenditures and consumer prices index readings were better than expected, they do not tell me that underlying trends have meaningfully improved.'

As a result of Warsh's words, gold prices plummeted 3.18% to $4,454 per ounce while silver dropped 4.2% to $66.3.