daytrading In the past 48 hours ending January 31, 2026, over $12 trillion in global market value was erased, largely attributed to a dramatic unwind in precious metals amid a hawkish shift signaled by the nomination of Kevin Warsh as Fed Chair, combined with profit-taking after parabolic rallies and broader risk-off sentiment affecting equities and crypto.
The bulk of this loss stems from gold and silver, which saw combined market cap declines estimated between $6.5 trillion and $15 trillion in various accounts (with figures like $6.52 trillion or $7 trillion commonly cited for the metals alone).
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