Silver plunges 30% in worst day since 1980, gold tumbles as Warsh pick eases Fed independence fear

Silver futures plummeted 31.4% to settle at $78.53, marking its worst day since March 1980.

The sharp moves down were initially triggered by reports of Warsh’s nomination. However, they gained steam in afternoon U.S. trading as investors who piled into the metals raced to book profits.

Metals were also under pressure as the dollar spiked higher.