Gold and Silver Hit Fresh Record Highs After Trump Renewed Attacks On Federal Reserve

Barry Adams
14 Jan, 2026
New York City

Stocks on Wall Street meandered for the third consecutive session on Wednesday, and investors reacted to rising geopolitical tensions and fresh attacks on the Fed's independence. 

The S&P 500 Index decreased 0.2%, and the Nasdaq Composite declined 0.3% as investors turned cautious on financial stocks after the U.S. president demanded lower credit card rates. 

JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Visa, and MasterCard fell between 1% and 4% as the Trump administration renewed attacks on financial services providers. 

Last week, the U.S. president demanded Fannie Mae and other agencies buy mortgage bonds and proposed to ban investment companies from purchasing residential properties.  

Credit card companies also extended a five-day decline over 8% amid worries that the Trump administration is likely to cap processing fees. 

Gold advanced 1.2% to $4,633.57, and silver advanced 3.8% to $90.14 amid worries that the Trump administration's interference with the Fed's monetary policy is likely to lead to higher-for-longer inflation and fuel another spree of federal government debt.  

Moreover, the U.S. Treasury is increasingly relying on the issuance of debt maturing in less than five years, setting the stage for a sharp increase in interest rates in the near future. 

On the economic front, producer price inflation picked up in November, according to the delayed data released by the U.S. Bureau of Labor Statistics. 

The overall annual measure of wholesale inflation increased to 3.0% from 2.8%, and the core measure advanced to 3% from 2.9% in October. 

Higher energy prices and sharper gains in services contributed to the rise in overall inflation. 

 

U.S. Stock Movers 

JPMorgan Chase increased 0.2% to $311.50, Citigroup decreased 0.2% to $116.10, Bank of America eased 0.1% to $54.49, and Wells Fargo inched lower by 0.2% to $93.39. 

MasterCard decreased 0.1% to $545.49, Visa Inc. edged up 0.3% to $329.0, and two payment processing companies declined 8% over the last five trading sessions.