Gold falls as expectations of Warsh to Fed hits the greenback debasement commerce

The brakes are being pumped on the breathless rally for gold and other precious metals Friday amid rising expectations Kevin Warsh will be nominated to be the next Federal Reserve chair.

Gold

GC00 tumbled more than 3%, or $171, to $5,179 an ounce, which if continues will mark the first down session in nine. On Thursday, gold settled at a fresh record of $5,318.40 an ounce, a gain of $14.80, or 0.3%.