The post Scott Bessent says gold’s crash is “speculative blow‑off” caused by China appeared on BitcoinEthereumNews.com.

Gold prices crashed last week after a record-setting rally, and Scott Bessent blamed it on reckless trading in China. Speaking live on Fox News’ Sunday Morning Futures, Scott said, “The gold move thing, things have gotten a little unruly in China. They’re having to tighten margin requirements. So gold looks to me kind of like a classical, speculative blowoff.” That was his way of saying the spike and sudden fall had little to do with demand and everything to do with panic buying by leveraged traders. The rally in precious metals had been driven by fears about global conflicts, loose speculation, and growing concern about whether the Federal Reserve still operates freely. Then it collapsed. Chinese authorities raised margin requirements, and the money dried up. The price didn’t fall because of the economy. It fell because regulators in China yanked the brakes on traders who had gone way too far. Scott pushes Senate to start hearings despite Powell investigation While traders were getting burned in the gold market, Scott was also dealing with a political standoff in Washington. He said the Senate should get moving with confirmation hearings for Donald Trump’s Federal Reserve pick, Kevin Warsh. Kevin was nominated on January 30 to replace Jerome Powell, but the process has been blocked. Senator Thom Tillis from North Carolina is behind the delay. He said he won’t let any of Trump’s Fed nominations go through until the Department of Justice finishes a criminal investigation into Powell. The case is about comments Powell made to Congress last year about the costs of renovations at the Fed’s headquarters. Tillis said he was a witness and called it a threat to the Fed’s independence. Even with that, Scott reminded everyone that Tillis had also called Kevin a strong candidate. “Senator Tillis has come out…

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Filed under: News - @ February 8, 2026 9:23 pm