Wall Street traders are grappling with sharp swings in precious metals, bitcoin is hovering at its lowest level since April and there are lingering nerves about technology stocks.

Gold and silver extended sell-off on Monday, deepening losses from last Friday's rout.

Gold (GC=F) futures fell as much as 11% on Friday to trade below $4,900 per troy ounce in a severe reversal of this year's massive rally in precious metals. Spot gold saw its biggest daily drop since the early 80's while silver (SI=F) futures tumbled more than 25%.

How much of the recent mania for gold and silver was fuelled by U.S. dollar "debasement" fears? Quite a lot, judging by the crash in precious metals on Friday following U.S. President Donald Trump's announcement of former inflation hawk Kevin Warsh as his pick for the new Federal Reserve chair.

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The swift reversal has shifted market attention toward vehicles tracking the metals directly, as well as companies exposed to their production. Spot gold and silver ETFs have moved decisively lower, while mining-focused funds are also posting substantial losses as trading begins.

Crypto bulls who have theorized that bitcoin can't begin rising until money flows out of red-hot precious metals are about to find out if they were correct.

A senior figure in the market, Binet-Laisne has been with the bank for roughly a decade, according to his LinkedIn profile. Goldman is one of the larger banks in precious metals, and recently added Pranav Bhatia from StoneX Group Inc. to its trading desk.

Once again, the UK is in the grip of a global feeding frenzy in precious metals. It is easy to see why.