Gold prices dropped today after President Trump nominated Kevin Warsh as the next Chair of the Federal Reserve. Warsh is considered a mainstream candidate who is expected to maintain the Fed’s independence from political interference. This led to a decline in inflation hedges like gold, following a significant rise over the past year. Shares of Barrick Mining Corporation (NYSE: B) fell 9.8% due to the drop in gold prices. President Trump’s decision to nominate Warsh allayed fears of economic instability, causing investors to sell their gold assets.

President Trump nominated Kevin Warsh as the new Chair of the Federal Reserve, signaling an independent Federal Reserve and easing fears of a “yes man” causing inflationary spikes. Barrick’s earnings report is expected next week, with rising gold prices anticipated to benefit the company. Investors are advised to watch for updates on Barrick’s Fourmile Project, which has the potential to be a significant gold discovery. The Motley Fool Stock Advisor team has identified 10 top stocks to buy, with Barrick Mining not included in the list.

Read more at Nasdaq: Why Barrick Mining Corporation Plunged Today