Gold Heads for Worst 2-Day Drop Since 1980, Silver Erases 2026 Gains | The Pulse 2/2/2026

Summary

Gold and silver suffered historic two-day selloffs, with the metals unwind spilling into equities and Bitcoin as the dollar strengthened after Kevin Warsh was nominated to lead the Fed. Guests debated whether the move was a speculative positioning unwind or a fundamental shift, with Goldman Sachs favoring equities over credit and emerging markets over Europe. Later segments covered India's budget and China trade, SocGen's bullish gold and copper and bearish oil views, Oracle's AI infrastructure financing, and US-Iran tensions.

• Gold and silver plunged, erasing silver's 2026 gains and pressuring broader risk assets.
• Kevin Warsh's Fed nomination lifted the dollar and raised questions about Fed independence and balance-sheet policy.
• Goldman Sachs remains overweight equities and EM, underweight Europe, and sees credit as the weakest link.
• SocGen expects gold to recover after the volatility, sees copper as a solid buy, and is short oil.
• India's budget supported exporters and strategic sectors, but higher equity taxes and borrowing weighed on markets.
• China's weak consumption and import demand remain a drag on global trade gains.
• Oracle plans to raise up to $50B for AI cloud infrastructure, highlighting leverage and capex risks.
• US-Iran tensions and diplomatic efforts kept oil and Middle East risk in focus.