On November 25th, the U.S. Treasury Secretary Mnuchin publicly stated that it is highly likely that a nomination for the next Federal Reserve Chair will be made on Christmas Eve, as the current Federal Reserve Chair Powell will reach the end of his term in mid-May next year. If the next Federal Reserve Chair is someone close to the President, it will be a significant challenge to the independence of the Federal Reserve, which would be very beneficial for gold and silver.

The support rate for the next Federal Reserve Chair, Waller, is on a sharp rise, while Hassett's probability is plummeting. Hassett was almost a sure thing, but suddenly the dark horse Waller emerged, and the identities and positions of the two are worlds apart. Hassett is the current economic advisor to the President, and his consistent stance is to represent the President. Once he is in, he will surely express his loyalty fervently. However, Waller is quite different; he is an absolute hawk and more hawkish than Powell is now. If Waller is elected, it will definitely be bearish for gold and silver.