MILAN — Laila Edwards finally got out from under the spotlight and onto the ice for the U.S. women’s hockey team Thursday. It was a simple act, but one that made history.
Yet for Edwards, it was just another day at the office.
“It didn’t feel different at all,” she said. “It’s still hockey at the end of the day. Even though it’s the highest level, it’s still hockey.”
With her first shift in Thursday’s 5-1 win over Czechia, on the first day of hockey at the Milan-Cortina Winter Games, Edwards became the first Black woman to play for the U.S. national team in an Olympic tournament. On a team full of record-breakers, it was a significant milestone, one that has become a storyline for the world’s top-ranked team.
“Cameras constantly in her face. She does a good job of whatever she needs to do,” said teammate Tessa Janecke, who had two second-period assists. “It’s very inspiring for us as her teammates, but as well as the next generation.”
And that, of course, is the point.
“Representation matters,” Edwards said. “There’s been a lot of young kids or parents of young kids who have reached out or I’ve run into that say, ‘You know, my daughter plays sports because of you. And she feels seen and represented,’ and that’s just really motivating.”
Just 22, Edwards is already accustomed to breaking barriers and being the youngest this or the first that.
In 2023, she became the first Black player on the women’s senior national team in any competition; a year later, she became, at 20, the youngest player to win the MVP award in the World Championship.
But if doing that has been easy, talking about it has taken some work.
“I could not do interviews or not talk about it, but then the story doesn’t get out there,” she said. “And maybe a little girl doesn’t see me, who looks like her. So I think that’s what’s more important.”
On Thursday, playing before Vice President JD Vance, Secretary of State Marco Rubio and a packed house at the Milano Rho Ice Hockey Arena, Edwards marked her Olympic debut by helping put the Americans ahead to stay, feeding Megan Keller in the high slot for a slap shot that Alex Carpenter redirected in a first-period power-play goal.
Second-period goals from Joy Dunne and Hayley Scamurra — both on assists from Janecke — and third-period goals from Scamurra and Hilary Knight, sandwiched around one from Czechia’s Barbora Jurickova, accounted for the final score in a game in which the top-ranked Americans outshot the fourth-ranked Czechs 42-14.
Still, the night belonged to Edwards, a player Knight calls “the future of the sport.” But she’s doing pretty well in the present too, having already won two national championships with Wisconsin and two world championship medals with Team USA.
Edwards started skating shortly after she learned to walk, then switched to hockey before starting kindergarten, when her father Robert, who played the game as a child, enrolled her and three siblings in a youth hockey program. By 8, she was so advanced she was playing with boys’ teams and for high school she left her native Cleveland Heights, Ohio, for the elite girls’ hockey program at Bishop Kearney High School in Rochester, N.Y.
Although she was a high-scoring forward in high school and college — she led the nation with 35 goals as a junior at Wisconsin — she’s proven versatile enough to play on the blue line in the Olympics. That’s a little like playing a running back at right guard.
“I couldn’t even imagine that,” forward Abbey Murphy said of Edwards, who skated a team-high 25 shifts Thursday. “She took it and she just kind of ate it up and she made defenseman look easy. She’s magic on the blue line.”
At 6-foot-1 and 185 pounds — making her the biggest and most physical player on the U.S. team — Edwards was well-suited for the move.
“She’s so dynamic, so athletic, you could put her in goal and she would perform,” said Caroline Harvey, a teammate in high school, college and now with the national team. “She’s just adjusted so well. It’s seamless. It doesn’t even seem like she’s switched positions.”
Edwards hasn’t made her journey to the Olympics alone, however, a fact she acknowledged after Thursday’s game. Although her father is responsible for her start in hockey, it looked like he wouldn’t be able to travel to Milan to see his daughter make history. So Edwards’ parents started a crowdfunding campaign to pay for flights and accommodations.
Jason and Travis Kelce, brothers and former Super Bowl players who also grew up in Cleveland Heights, learned of the campaign and quickly kicked in $10,000, allowing 14 members of Edwards’ family to come to Italy — where their cheers were audible every time her name was announced.
“They show support,” Edwards said. “And they’re really cool guys.”
After her Olympic debut Thursday, there are a lot of little girls who can say the same about Edwards.
Susanna Reid sparks backlash with ‘stupid and dismissive’ Tourette’s comment after BAFTAs
Good Morning Britain star Susanna Reid has been criticised for the comments she made about Tourettes syndrome, with some branding it a ‘totally uncaring, stupid and dismissive’ remark
11:03, 23 Feb 2026Updated 11:03, 23 Feb 2026
Susanna and Ed hosted Good Morning Britain today(Image: itv)
Susanna Reid has been slammed by ITV viewers for a “totally uncaring, stupid and dismissive” remark about Tourette syndrome during a discussion on Good Morning Britain.
The presenter has come under fire for comments she made whilst discussing John Davidson, a Tourette’s campaigner who had his life serialised in new movie I Swear. Actor Robert Aramayo played the role of John in the movie, which he won Best Actor for last night.
During the BAFTAs last night, as Sinners stars Michael B Jordan and Delroy Lindo presented an award, John was heard shouting “shut the f**k up” and “boring” at the actors before using the N-word.
Now, Susanna Reid has been criticised for her comments about Tourettes whilst discussing the news. She said that she was still “thinking about the language'” and branded it “completely unacceptable”.
She referenced that people with Tourettes couldn’t control their ticks, but added: “There’s plenty of people watching who say, ‘Why should a racial slur ever be accepted or simply brushed away?'”
Ed then said: ‘There’s two different issues. If this racial slur was said at the awards ceremony, it shouldn’t have been broadcast. The guy who has Tourette’s – apologising for his disability is not fair or right. It’s not in his control. If it was me, I would have bleeped out the racial slur and not had the apology.”
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Susanna added: “But it’s absolutely vital that you apologise for it. A racial slur is always something, presumably, that needs to be apologised for.” Ed then replied: “They ought to have apologised for having it on the programme, but apologising for the gentleman with Tourette’s, you can’t apologise for his disability.”
Fans of the ITV show fumed over Susanna’s comment, with one writing: “The actor in the film regarding Tourette’s wins an award but Susanna states that we need to apologise for the consequence of that disability in real life.” Another added: “You shouldn’t apologise for #TouretteSyndrome, it can’t be helped. You should never apologise for an illness…no one asked to have the illness.”
Yesterday, at the awards, host Alan Cumming addressed the comments. He told the audience: “You may have heard some strong offensive language tonight, but if you’ve seen the film I Swear, it’s about the experience of a person with Tourette syndrome.
“It is a disability and the ticks you have heard tonight are involuntary that means the person who has Tourette syndrome has no control over their language and we apologise if it has caused offence.”
A BBC spokesperson added: “Some viewers may have heard strong and offensive language during the Bafta Film Awards 2026. This arose from involuntary verbal tics associated with Tourette syndrome, and was not intentional. We apologise for any offence caused by the language heard.”
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Far-right anti-Islam march sparks counterprotests in Manchester | Racism News
Hundreds of Britain First protesters faced larger antifascist crowds in a tense Manchester city centre standoff.
Manchester, United Kingdom – Chants of “send them back” echoed through a damp underpass as hundreds of far-right anti-Islam protesters prepared to march through the streets.
Union Jacks fluttered in the wind as protesters – some visibly under the influence of alcohol – chanted a series of anti-immigration slogans and derisive comments about British Prime Minister Keir Starmer.
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In response to the demonstration organised by Britain First, a far-right political party that calls for mass deportation and the removal of migrants and Muslims from the UK, a counterprotest was also planned for midday on Saturday.
It formed a much larger crowd made up of antifascist protesters who gathered a few streets away, carrying antiracist banners and waving an array of flags, including the Palestinian flag.
Ruby, 20, a student from South London, took a five-hour coach ride to show her support for the counterprotest and told Al Jazeera that attending was a “no-brainer”. She asked that her surname not be published, fearing repercussions.
‘A master race’
Ruby said her grandparents, originally from Montserrat, were part of the Windrush generation – immigrants invited to the UK between 1948 and 1971 from Caribbean countries – and, despite having given so much to their adopted country, are now feeling increasingly unwelcome.
She said her grandparents had told her they were witnessing a return to the levels of racism they experienced when they came to the country in the 1950s.
It was a sentiment echoed by Llowelyn, 16, a counter-protester from Wales who said her father, who is British Guyanese, has received more verbal abuse based on his race in the past few years than at any other point.
The tension was palpable before the two marches were due to begin, with far-right agitators livestreaming to their followers as they entered the area assigned to the counterprotest.
John – a stocky, tenacious counter-protester from Wales – confronted them with arms outstretched as police officers looked on.
“They come here to cause a ruckus and make money of it online, but I come here to protect the left. These guys [far-right agitators] try and intimidate … minorities because they think they are a master race”, he told Al Jazeera.
As the Britain First march began, flanked by police and led by Paul Golding, a portly, combative far-right activist who has previously been imprisoned for religiously aggravated harassment, the celebratory mood quickly turned aggressive as they came across counter-protesters in the city centre.
“Leftie scum,” screamed one member of the Britain First crowd as they harassed three young people who staged a sit-down, forcing riot police to encircle and pull them to safety.
‘Divisive, racist positions’
The two marches finally met in an expletive-ridden crushendo as police struggled to hold ranks.
Britain First protesters prodded counter-protesters with flag poles, and some slipped through the porous police lines as they shouted anti immigration and anti-Palestine slogans.
A number of counterprotesters and bystanders expressed frustration that the police allowed the march to go ahead.
“We, as Jews and internationalists, are having to confront Britain First, the fascists who are organising on the streets, who have been permitted to market their divisive, racist, dictatorial positions on our streets,” Pia Feig, of Jewish Action for Palestine, told Al Jazeera.
Audrey, a teacher and counterprotester who was pushed away by police after being shoved by a Britain First protester, said the police always “protected” the far-right groups.
A police officer told Al Jazeera that the day required extensive planning and was a particularly difficult operation, as the two groups kept changing their planned route.
He said on condition of anonymity that handling the two conflicting protests, a rally in support of Ukraine, and managing crowds at large football fixtures held this weekend had stretched the local police force thin.
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‘Made in Europe’ plan sparks intense Brussels lobbying
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The European Commission’s push to embed a so-called European preference in public procurement is triggering heavy lobbying from EU capitals and foreign partners, Euronews has learned.
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The proposal, designed to counter Chinese and US competition, would see products made in Europe officially favoured in public contracts and support schemes. Critics have branded it protectionist, and several member states have sought to water down the definition of “made in Europe” to ensure access for like-minded countries.
According to EU officials, the Industrial Accelerator Act (IAA), which is set to define what made in Europe means, is likely to face another delay despite appearing on the Commission’s agenda for presentation on 26 February. The strategy was first delayed in November 2025.
A leaked draft of the IAA text seen by Euronews lists strategic sectors targeted for a European preference, including chemicals, automotive, AI and space. It also proposes EU-origin thresholds of 70% for EVs, 25% for aluminium and 30% for plastics used in windows and doors.
The draft has drawn intense pushback. Nordic and Baltic states warn that a strict made in Europe regime could deter investment and limit EU companies’ access to cutting-edge technologies from non-EU countries.
In a separate leak reported by Euronews last week, the Commission appeared to lean toward the German position: a European preference open to like-minded partners with reciprocal procurement commitments and those contributing to “the Union’s competitiveness, resilience and economic security objectives”.
Britain concerned about protectionism
The UK is among the partners wary of a protectionist turn, with British officials stressing that the EU and UK economies are highly intertwined.
“It’s not the moment to mess with what is already working,” one official told Euronews.
In particular, the EU remains the largest export market for British cars, while several European manufacturers produce vehicles in the UK, which in 2024 was the EU’s second-largest export destination after the US.
“Almost half of our trade is with the European Union. We trade almost as much with the EU as the whole of the rest of the world combined,” UK Chancellor Rachel Reeves said last week.
British sources also argue that London’s deep capital markets could help the EU secure investment to revive its industry – unless the bloc closes its market.
The Commission is weighing its next move, aiming to table a proposal ahead of March’s EU summit focused on competitiveness. But pressure is also mounting from within, with pushback from the Trade Directorate-General – traditionally a staunch defender of an open EU market.
Paris, a long-time champion of a made in Europe strategy, says the concept has gained sufficient traction in Brussels to become reality and that the debate has now shifted to its implementation.
EU industry chief Stéphane Séjourné, who is overseeing the file, said on Tuesday that the European preference “entails quite a change of Europe’s economic doctrine”.
“It is therefore no surprises that it takes time and efforts to get to a common and smart version,” he added.
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Say goodbye to Spring Break? Government shutdown sparks concern of travel chaos over busy period
SPRING Break travelers are set to be hit by disruption amid the partial government shutdown.
Major airlines and travel groups have urged Congress to sort out funding for thousands of Transportation and Security Administration workers.
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It comes as millions of high school and college students are preparing to travel nationwide for Spring break.
The annual one-to-two-week academic vacation period is kicking off soon.
But, holidaymakers and flyers will be hit by annoying flight delays and longer wait times at security due to the partial US homeland security shutdown, according to travel groups and airlines.
And, TSA staff are likely to suffer financially, reported Simple Flying on Saturday.
“Not again: 50,000 TSA officers face unpaid work as shutdown threatens Spring Break travel,” its headline warned.
“As yet another government shutdown looms, so does one of the busiest travel times of the Year — spring break,” said U.S. Travel, Airlines for America, and the American Hotel & Lodging Association in a joint statement last Friday.
“Travelers and the U.S. economy cannot afford to have essential TSA personnel working without pay.”
They warned that the funding delays raise “the risk of unscheduled absences and call outs, and ultimately can lead to higher wait times and missed or delayed flights.”
The partial government shutdown began on Saturday over money for the Department of Homeland Security.
Congressional Democrats and President Donald Trump’s team failed to reach a deal on legislation to fund the department through September.
And their inability to reach a compromise has sparked huge concern within the travel and hospitality industry – particularly with Spring break looming, plus the FIFA World Cup 2026.
The United States, along with Canada and Mexico, will be hosting the biennial football competition from June 11 through July 20.
Airlines for America also warned that funding uncertainty is “creating lasting damage to the entire travel ecosystem.”
The organization said the damaging interruption would hit “airlines, hotels and thousands of small businesses the travel industry supports.”
Tips on getting through TSA security faster during the 2026 partial shutdown
Funding for the DHS expired at midnight last Friday
The 95% of TSA workers deemed essential personnel will be required to keep working – but without pay.
To minimize delays at the airport:
Source: Simple Flying
“With America’s 250th anniversary and the 2026 World Cup this summer, the nation should be focused on showcasing the country on the world stage and maximizing the multi-billion-dollar economic opportunity these events bring,” the statement added.
“A lapse in TSA funding will significantly undermine those efforts.
“Last year’s shutdown alone resulted in an economic impact of $6 billion —nearly $140 million per day — and disrupted travel for more than 6 million travelers.”
FATAL SHOOTINGS
It comes days after Delta Air Lines’ boss told international visitors ahead of the World Cup that the U.S. remains a welcoming destination despite the controversial crackdown on immigration.
“Hopefully, the World Cup will bring a lot of Europeans, a lot of international visitors into the US market,” said Ed Bastian last Thursday.
“Yes, the US has a focus on immigration. This is not immigration. This is tourism,” Bastian added.
“And as long as people are coming with the proper credentials, they’re not having any issues.”
Democrats are demanding changes to how immigration operations are conducted after the fatal shootings of U.S. citizens Alex Pretti and Renee Good by federal officers in Minneapolis last month.
Congress is on recess until February 23.
OFF SICK
The longer the shutdown continues, the more likely flyers will be hit with delays as they will have to queue in longer lines at airports if workers call in sick.
Ha Nguyen McNeill, the acting TSA administrator, explained last Wednesday that TSA remained “laser-focused on returning the U.S. back to being the top global travel destination.”
Spring break 2026 – in numbers
Sources: Travel Awaits and Gitnux
However, this can’t happen “in a timely manner if Congress does not fund DHS through the end of Fiscal Year 2026.”
“With the United States hosting the 2026 FIFA World Cup in June of this year, TSA does not have the luxury of time to prepare for the influx of passengers and international travelers,” McNeill warned.
“A lack of funding and predictability will pose significant challenges on our ability to deliver transportation security for the American public with the level of excellence we expect, and the American taxpayer deserves.”
It follows a record 43-day shutdown last fall.
TSA agents fall under the DHS.
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Falcons’ James Pearce arrested after domestic dispute with Rickea Jackson
ATLANTA — Atlanta Falcons rookie star James Pearce Jr. was arrested near Miami on Saturday night after fleeing officers and then crashing his car following what police said was a domestic dispute with Sparks player Rickea Jackson.
Pearce, the first-round pick who led the Falcons in sacks and was third in NFL defensive rookie of the year voting, was booked into the Turner Guilford Knight Correctional Center after Doral police were summoned to investigate a reported domestic dispute between a man and a woman.
According to jail records, Pearce is facing charges of two counts of aggravated battery with a deadly weapon as well as aggravated stalking and fleeing or eluding police with lights or siren. Bond was not immediately set on all the charges.
The Falcons said in a statement they are aware of the arrest.
“We are aware of an incident involving James Pearce Jr. in Miami,” the Falcons said in a statement provided to the Associated Press. “We are in the process of gathering more information and will not have any further comment on an open legal matter at this time.”
WPLG TV in Miami reported Doral Police Chief Edwin Lopez confirmed the dispute was between Pearce and Jackson, a forward for the WNBA’s Sparks. Jackson was the No. 4 overall pick in the 2024 WNBA draft and averaged 14.7 points in 38 games, including 37 starts, in the 2025 season. Jackson played college basketball for Tennessee and Mississippi State.
Pearce, an edge rusher from Tennessee, was the No. 26 overall pick in the 2025 NFL draft as the Falcons emphasized the pass rush. Pearce had 10 1/2 sacks and his 45 quarterback pressures set a team record for a rookie. Pearce had 26 tackles and 16 quarterback hits. He forced a fumble and recovered a fumble while playing in all 17 games.
The Falcons finished 8-9, leading to the firings of coach Raheem Morris and general manager Terry Fontenot. The Falcons hired Kevin Stefanski as coach and Ian Cunningham as general manager.
Odum writes for the Associated Press. AP Sports Writer Maura Carey in Atlanta contributed to this report.
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Major European airport SHUTS with all flights grounded as snow, freezing rain and black ice sparks chaos
TRAVELLERS are facing major disruption as one of Europe’s busiest airports was forced to shut today due to freezing rain and black ice.
The shutdown has left passengers stranded and flights grounded as crews battle to make runways safe amid worsening winter conditions.
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According to FlightAware, around 170 flights at Berlin Brandenburg Airport have been cancelled in the last 24 hours.
Operations came to a sudden standstill on Thursday at 6pm CET, with the airport saying on its website: “Due to weather conditions, no take-offs or landings are currently possible.”
The airport remains closed today as adverse weather conditions continue to disrupt transport across north Germany.
Berlin Brandenburg Airport said in a statement: “We currently have freezing rain and black ice and cannot yet predict when takeoffs and landings will be possible.
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“Passengers need to be patient and expect significant delays and cancellations.”
British Airways and EasyJet cancelled some of their morning services from London airports to Berlin.
Lufthansa also scrapped a number of flights in and out of the city.
German weather service DWD warned of “significant slipperiness” caused by icy conditions spanning Berlin to the Baltic Coast and Polish border.
Forecasters were uncertain about when travel disruptions might ease, with the cold snap anticipated to continue across northwest Europe into next week.
Germany’s national railway operator Deutsche Bahn said train service between Berlin and Hanover have also been affected by the icy weather.
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Laila Edwards sparks U.S. women’s hockey to Olympic win over Czechia
MILAN — Laila Edwards finally got out from under the spotlight and onto the ice for the U.S. women’s hockey team Thursday. It was a simple act, but one that made history.
Yet for Edwards, it was just another day at the office.
“It didn’t feel different at all,” she said. “It’s still hockey at the end of the day. Even though it’s the highest level, it’s still hockey.”
With her first shift in Thursday’s 5-1 win over Czechia, on the first day of hockey at the Milan-Cortina Winter Games, Edwards became the first Black woman to play for the U.S. national team in an Olympic tournament. On a team full of record-breakers, it was a significant milestone, one that has become a storyline for the world’s top-ranked team.
“Cameras constantly in her face. She does a good job of whatever she needs to do,” said teammate Tessa Janecke, who had two second-period assists. “It’s very inspiring for us as her teammates, but as well as the next generation.”
And that, of course, is the point.
“Representation matters,” Edwards said. “There’s been a lot of young kids or parents of young kids who have reached out or I’ve run into that say, ‘You know, my daughter plays sports because of you. And she feels seen and represented,’ and that’s just really motivating.”
Just 22, Edwards is already accustomed to breaking barriers and being the youngest this or the first that.
In 2023, she became the first Black player on the women’s senior national team in any competition; a year later, she became, at 20, the youngest player to win the MVP award in the World Championship.
But if doing that has been easy, talking about it has taken some work.
“I could not do interviews or not talk about it, but then the story doesn’t get out there,” she said. “And maybe a little girl doesn’t see me, who looks like her. So I think that’s what’s more important.”
On Thursday, playing before Vice President JD Vance, Secretary of State Marco Rubio and a packed house at the Milano Rho Ice Hockey Arena, Edwards marked her Olympic debut by helping put the Americans ahead to stay, feeding Megan Keller in the high slot for a slap shot that Alex Carpenter redirected in a first-period power-play goal.
Second-period goals from Joy Dunne and Hayley Scamurra — both on assists from Janecke — and third-period goals from Scamurra and Hilary Knight, sandwiched around one from Czechia’s Barbora Jurickova, accounted for the final score in a game in which the top-ranked Americans outshot the fourth-ranked Czechs 42-14.
Still, the night belonged to Edwards, a player Knight calls “the future of the sport.” But she’s doing pretty well in the present too, having already won two national championships with Wisconsin and two world championship medals with Team USA.
Edwards started skating shortly after she learned to walk, then switched to hockey before starting kindergarten, when her father Robert, who played the game as a child, enrolled her and three siblings in a youth hockey program. By 8, she was so advanced she was playing with boys’ teams and for high school she left her native Cleveland Heights, Ohio, for the elite girls’ hockey program at Bishop Kearney High School in Rochester, N.Y.
Although she was a high-scoring forward in high school and college — she led the nation with 35 goals as a junior at Wisconsin — she’s proven versatile enough to play on the blue line in the Olympics. That’s a little like playing a running back at right guard.
“I couldn’t even imagine that,” forward Abbey Murphy said of Edwards, who skated a team-high 25 shifts Thursday. “She took it and she just kind of ate it up and she made defenseman look easy. She’s magic on the blue line.”
At 6-foot-1 and 185 pounds — making her the biggest and most physical player on the U.S. team — Edwards was well-suited for the move.
“She’s so dynamic, so athletic, you could put her in goal and she would perform,” said Caroline Harvey, a teammate in high school, college and now with the national team. “She’s just adjusted so well. It’s seamless. It doesn’t even seem like she’s switched positions.”
Edwards hasn’t made her journey to the Olympics alone, however, a fact she acknowledged after Thursday’s game. Although her father is responsible for her start in hockey, it looked like he wouldn’t be able to travel to Milan to see his daughter make history. So Edwards’ parents started a crowdfunding campaign to pay for flights and accommodations.
Jason and Travis Kelce, brothers and former Super Bowl players who also grew up in Cleveland Heights, learned of the campaign and quickly kicked in $10,000, allowing 14 members of Edwards’ family to come to Italy — where their cheers were audible every time her name was announced.
“They show support,” Edwards said. “And they’re really cool guys.”
After her Olympic debut Thursday, there are a lot of little girls who can say the same about Edwards.
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Trump’s Fed pick sparks brutal gold and silver sell-off
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Gold and silver prices extended last week’s dramatic sell-off on Monday, as investors continued to digest the implications of President Donald Trump’s announcement of Kevin Warsh as the next chair of the US Federal Reserve.
The move has fuelled expectations of a more government pressure on the Fed and prompted a sharp reassessment of positions across precious metals.
Spot gold fell as much as 10% in early trading, while silver plunged up to 16%, following Friday’s rout that marked the largest intraday decline on record for the white metal.
The scale and speed of the move underscored how vulnerable the market had become after months of aggressive buying driven by geopolitical tension and bets on looser US monetary policy.
“The sharp selloff on Friday followed news that US President Donald Trump intends to nominate Kevin Warsh as the next Federal Reserve chair – a development that boosted the US dollar and reinforced expectations of a more hawkish policy stance,” said Ewa Manthey, commodities strategist at ING, and Warren Patterson, head of commodities strategy.
“While a correction was overdue after the intense rally, the scale of Friday’s decline far exceeded most expectations.”
Why the Fed matters for gold
Gold and silver are particularly sensitive to US interest-rate expectations.
Higher rates increase the opportunity cost of holding non-yielding assets such as precious metals, while a stronger dollar makes them more expensive for overseas buyers.
Warsh, a former Fed governor, has voice sentiments supportive of Trump’s vision for the Fed, including regular rate cuts.
That reassessment has been swift. Investor caution has been evident in exchange-traded funds, with silver holdings falling for a seventh consecutive session to their lowest level since November 2025.
Futures data also show speculators cutting back sharply on bullish bets, signalling a broader retreat from the sector.
“CFTC positioning shows a cooling in speculative interest across precious metals,” the ING report continued.
“Managed money net longs in COMEX gold fell by 17,741 lots last week… Speculators also cut net longs in silver… taking positioning to its lowest since February 2024.”
Margins rise, volatility bites
Market stress has been amplified by mechanical factors.
CME Group is set to raise margin requirements on COMEX gold and silver futures after last week’s historic swings, forcing traders to post more collateral or reduce exposure.
Such moves tend to accelerate sell-offs, particularly in heavily leveraged markets.
Attention is now turning to Asia, where Chinese investors have historically provided support during price dips. However, with volatility elevated and the Lunar New Year approaching, participation may be more cautious than usual.
“With volatility spiking and the Lunar New Year approaching, traders are likely to pare back positions and reduce risk,” the ING analysts said.
“Price direction in the near term will hinge on the extent of dip-buying from Chinese investors following Friday’s retreat.”
Outlook remains fragile
For now, the precious metals market remains at the mercy of macro forces, with little clarity on how quickly sentiment will stabilise.
Investors are watching US data closely for clues on real interest rates and the dollar’s next move, both of which will be shaped by expectations around the Fed’s future direction.
“Overall, volatility across precious metals is likely to remain elevated in the near term,” Manthey and Patterson said.
“For gold and silver, macro uncertainty, real rate expectations, and USD direction will continue to dominate sentiment,” the report concluded.
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