The Globe and Mail reports in its Saturday edition that a key driver of Canada's outperforming stock market over the past year -- gold and silver -- slammed into reverse on Friday, dragging the benchmark down nearly 1,100 points. The Globe's David Berman writes that the turbulence followed the announcement that President Donald Trump picked former Federal Reserve governor Kevin Warsh as the next chairman, which eased concerns about inflation and central bank independence. That news hit precious metals that had soared to record highs earlier this month as investors sought havens from U.S. policies. The price of gold fell as low as $4,700 an ounce, down more than $650. The S&P/TSX Composite Index, which has a large exposure to global precious metals producers, closed at 31,923.52, down 1,092.61 points or 3.3 per cent. Some observers are not so sure that Friday's turbulence marks a definitive shift in investor preferences, though. For one thing, Mr. Warsh's independence from the White House remains an open question. "Following a year-long pressure campaign on the Fed to reduce interest rates, there can be no doubt of the incoming Chair's leanings," Doug Porter, chief economist at BMO Nesbitt Burns, said in a note.