Gold and Silver Set New Highs Amid Greenland, Tariff Uncertainties

 

Gold and Silver Set Fresh Highs Amid Greenland, EU Tariff Uncertainties

(Bullion News Network) – The spot price of gold set a new all-time high over the weekend, adding more than $75 per troy ounce to close at nearly $4,675/ozt amid heightened U.S. uncertainty. Silver also logged another all-time high, gaining approximately $4.37/ozt to reach $94.70/ozt for the first time ever. The price action favored silver, driving the gold-silver ratio 1.46 points lower to 49.50:1. Climbing precious metal prices have caused a wave of effects across the precious metals industry, with many dealers experiencing shipping delays and a few large distributors instituting purchase order minimums. Over the weekend, already heightened demand for safe haven assets like gold and silver increased as U.S. President Donald Trump escalated his efforts to secure Greenland for the United States.

The American leader repeatedly proposed that the U.S. take control of Greenland throughout 2025. Over the weekend, President Trump announced a series of tariffs on European Union nations. Eight nations in the EU will face a 10% tariff on goods. If no agreement for the U.S. to purchase Greenland is secured before June 1, the tariffs will increase to 25%. The tariff is part of Trump’s ongoing effort to purchase Greenland from Denmark, whose ownership of Greenland has been honored by the United States since 1916.

Over the weekend, Trump also appeared to tie his efforts to take Greenland to the Nobel Committee’s refusal to award him the Nobel Peace Prize. In a text exchange with Norwegian Prime Minister Jonas Gahr Store, Trump suggested that his attempts to acquire Greenland may not be entirely peaceful, due to the Nobel Committee’s decision to award the peace prize to somebody other than himself. Bloomberg obtained and originally published the exchange.

Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace, although it will always be predominant, but can now think about what is good and proper for the United States of America

President Trump expanded in the message that “the World is not secure” until the United states has “Complete and Total Control of Greenland.” Trump has refused to guarantee he would not use force in the acquisition of Greenland.

Tariffs, paired with President Trump’s latest escalation in his attempts to acquire Greenland for the United States, drove demand for safe haven assets like gold and silver higher as international markets opened over the weekend. Both gold and silver gained on the news, logging new all-time highs as Wall Street lagged. Stock futures retreated on the news, with the Dow, Nasdaq, and S&P 500 all falling after the tariff announcements and text message exchange went public. 

Platinum-group metals also increased in value during the upswing in safe haven interest. The spot price of platinum jumped by more than $44 per troy ounce, and palladium followed closely, gaining just under $41/ozt. The price differential between platinum and palladium is set to open Tuesday’s trading session at approximately $522 per troy ounce.

On Wednesday, traders will be able to review the Personal Consumption Expenditures index, a delayed report from November. This inflation report could have a significant impact on Federal Reserve rate cut projections, which played an outsized role in safe haven demand throughout 2025. CME FedWatch currently projects a 5% probability that the FOMC will vote to cut interest rates for a fourth consecutive time, up from 4.4% one week ago and down from 22.1% on Dec. 19. Given the FOMC’s concerns about how tariffs will impact inflation in 2026, a rate cut remains an unlikely bet on Wall Street unless inflation falls considerably.