Trump Nominates New Fed Chair as Silver Prices Plummet

Experts warn of sharp market corrections and deeper economic distress ahead

Published on Feb. 2, 2026

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In a special episode of the Minor Issues podcast, Mark Thornton interviews Elijah K. Johnson to discuss the implications of President Trump's nomination of a new Federal Reserve chair and the resulting plunge in silver prices. The discussion focuses on tempering expectations after a major market run-up, the aggressive actions of political and financial elites to protect their interests when markets wobble, and how soaring gold and silver prices can signal deeper economic and social distress rather than a win for the private sector.

Why it matters

The nomination of a new Fed chair by President Trump and the subsequent drop in silver prices are significant events that could have far-reaching consequences for the economy and financial markets. Experts warn that these developments may signal the beginning of a broader market correction and deeper economic troubles ahead.

The details

In the interview, Thornton and Johnson discuss how 'melt-ups' in asset prices can quickly flip into sharp corrections, and how political and financial elites often move aggressively to protect their interests when markets become unstable. They also explore how the soaring prices of gold and silver, while tempting for investors, may ultimately indicate deeper economic and social distress rather than a clean 'win' for the private sector.

  • The Minor Issues podcast episode was recorded on February 2, 2026.

The players

Mark Thornton

A senior fellow at the Mises Institute who presents the Minor Issues podcast.

Elijah K. Johnson

The guest interviewed by Thornton on the Minor Issues podcast episode.

President Trump

The current President of the United States who has nominated a new Federal Reserve chair.

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What they’re saying

“Investors should temper expectations after a major run-up, as 'melt-ups' can quickly flip into sharp corrections.”

— Elijah K. Johnson (Minor Issues)

“Political and financial elites will move aggressively to protect their interests when markets become unstable.”

— Elijah K. Johnson (Minor Issues)

“Soaring gold and silver prices may ultimately signal deeper economic and social distress rather than a clean 'win' for the private sector.”

— Elijah K. Johnson (Minor Issues)

What’s next

The Mises Institute is hosting an event in Oklahoma City on 'Entrepreneurship Beyond Politics' featuring several experts, including Keith Smith, Caitlin Long, Ryan McMaken, Per Bylund, and Timothy Terrell.

The takeaway

The nomination of a new Federal Reserve chair by President Trump and the resulting plunge in silver prices are signs of deeper economic and social distress, rather than a win for the private sector. Experts warn that these developments may signal the beginning of a broader market correction, and urge investors to temper their expectations and be wary of aggressive actions by political and financial elites to protect their interests.