Spot silver fell 3.00% intraday to $52.32/oz.

Federal Reserve chair Kevin Warsh said he is paying particular attention to the South Korean economy, calling South Korea a key supplier of inputs for the rapidly expanding global technology sector. He said he has long known Bank of Korea Governor Shin and praised Shin as very talented; the two met during the global financial crisis. South Korean media are expected to give extensive coverage on Thursday.

Federal Reserve Chair Kevin Warsh said the economy is performing strongly and is moving in the right direction.