Gold fell 12% today to trade below $5,000 an ounce, which is the biggest intraday drop in four decades. Silver took a harder hit, plunging 36%. The selloff seems to be triggered by the dollar rallying after reports that Trump plans to nominate Kevin Warsh for Fed Chair. Markets view Warsh as a hawk on inflation, which boosted the greenback and hurt metals. Technical factors like a gamma squeeze and option expirations also contributed to the volatility. Mining stocks including Newmont and Barrick are down over 10% on the news.