Tether fires two precious metals traders hired from HSBC

Tether has laid off two precious metals traders it hired from HSBC to establish a gold trading desk, CryptoSlate reported. The move coincided with a 12.7% drop in the price of gold, its largest decline since October 2008. The development follows a previous statement from Tether CEO Paolo Ardoino, who said he wanted to allocate 10% to 15% of the company's $20 billion portfolio to physical gold.