Silver Breaks 94.7! Greenland Drama Keeps Markets Tense
Silver hit a new record on Tuesday, briefly touching $94.7295/ounce, while gold hovered near an all-time high of around $4,670/ounce. This rise occurred as the market sought safe havens again as US-European tensions over Greenland continued to escalate.
The precious metal previously rose sharply after US President Donald Trump announced plans for tariffs on eight European countries that reject his Greenland ambitions. This threat sparked fears of a new trade war and prompted investors to reduce their risky assets and shift funds to defensive instruments like gold and silver.
The US's tough stance against NATO allies is said to have shaken the market and revived the "Sell America" narrative. Investors are now waiting to see how far Europe will respond. France is reportedly pushing for a more assertive use of the EU's countermeasures, while Germany is likely to hold back to prevent a broader escalation.
After the big rally, prices have begun to cool slightly. Silver fell about 0.6% to $93.8590/ounce, while gold edged down 0.1% to $4,665.73/ounce. Despite the decline, the price action remained near its peak, indicating that safe-haven interest hasn't dissipated—it's simply paused after a rapid surge.
Analysts believe the precious metals rally didn't start with the Greenland conflict, and it likely won't end there. Instead, this episode has provided additional fuel to a trend that has been building for months, as investors grow increasingly anxious about a combination of geopolitical risks, tariff wars, and economic policy uncertainty. (asd)
Source: Newsmaker.id
