Miningweb: Gold, silver soar to records amid Trump’s Greenland tariff threats

Key topics:Gold and silver surge to record highs amid Greenland tariff threats.US plans tariffs on Europe fuel fears of a trade war.Investors flock to metals as geopolitical tensions and dollar weaken..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..By Yihui Xie and Jack Ryan.Gold and silver jumped to record highs as President Donald Trump’s intensifying push to take over Greenland fueled fears of a damaging trade war between the US and Europe. Spot gold rose as much as 2.1% to near $4,700 an ounce, while silver surged as much as 4.4% as Trump’s aggression weighed on the dollar and buoyed demand for havens. The US will slap tariffs on eight European nations — including France, Germany and the UK — that oppose the plan to acquire Greenland. Worries over the fallout from Trump’s bid to annex Greenland has added renewed impetus to a record-breaking rally that lifted gold prices about 70% over the past 12 months. Investors piled into the trade in recent weeks amid heightened geopolitical tensions and a renewed attacks on the Federal Reserve’s independence.The US’s 10% levies will kick in on Feb. 1 and rise to 25% in June. European leaders are discussing several options for how to respond, including retaliatory levies on €93 billion ($108 billion) of US goods, people familiar with the talks said.“We are constantly experiencing new provocations, we are constantly experiencing new antagonism, which President Trump is seeking, and here we Europeans must make it clear that the limit has been reached,” German Finance Minister Lars Klingbeil said Monday in Berlin..The US’s tariff threats over Greenland are “reminiscent of a mafia extortion racket,” said Peter Mallin-Jones, an analyst at Peel Hunt LLP. “The precious metal impact looks a reaction to a move away from US dollar assets and the potential inflationary impact of a trade war between the US and EU, let alone a chilling effect on economic activity.”Gold recorded its best annual performance since 1979 last year, supported by falling US interest rates, continued central bank buying and ructions to the geopolitical landscape brought about by Washington. Silver’s rally has been even greater, with prices tripling over the past year..A broader rotation into the metals complex, led by investors in China, has further supported the rallies in gold and silver. Exchange-traded funds’ gold holdings jumped by more than 28 tons last week, the biggest increase since September, and have expanded in seven of the last eight weeks. Many analysts expect the stunning gains to continue, with Citigroup Inc. last week forecasting that gold would reach $5,000 within three months, and that silver would get to $100 an ounce. Spot gold climbed 1.7% to $4,671.97 an ounce as of 12:42 p.m. in London, and earlier hit a peak of $4,690.59. Silver was up 3.5% at $93.30, and earlier touched $94.1213. Platinum and palladium rose. The Bloomberg Dollar Spot Index declined 0.2%.The Trump administration recently renewed attacks on the Fed, prompting a surge in gold and silver prices as worries grew over the institution’s continued ability to rein-in inflation, free from political pressure.Investors will be keeping close tabs on the US Supreme Court’s argument on Trump’s effort to fire Fed Governor Lisa Cook, which is due on Wednesday and could be pivotal for the central bank’s continued independence. .© 2026 Bloomberg L.P.

Miningweb: Gold, silver soar to records amid Trump’s Greenland tariff threats

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