On November 25, U.S. Treasury Secretary Besant publicly stated that the nomination for the new Fed Chair is likely to be announced around Christmas. Currently, Fed Chair Powell's term will end in mid-May next year, and the selection of the new chair is becoming the focus of the market.

It is worth noting that there are significant differences in the policy tendencies of the candidates, which will directly affect the direction of future monetary policy. The initial frontrunner, Hassett, is seeing a decline in support, while Walsh's popularity is experiencing a sharp rise. The backgrounds and positions of the two candidates are completely different—Hassett currently serves as an economic advisor and has a relatively aggressive style, while Walsh is generally regarded as a staunch hawk, with a stance even stronger than the current Powell.

This change could have a real impact on asset prices. If Waller is ultimately nominated and elected, the Fed may adopt a more aggressive tightening policy, which is not optimistic for safe-haven assets like gold and silver. Conversely, if Hassett wins, policies may take a different turn. The current market is adjusting expectations based on these possibilities, and precious metal investors need to closely monitor the nomination progress.