FX.co ★ Silver Hits Fresh Record on Tariff Concerns

Silver surged by over 4% on Monday, reaching an unprecedented high of $94 per ounce. This spike was driven by US President Donald Trump's threat to levy new tariffs on eight European nations in a strategic move to assert control over Greenland, thereby increasing the demand for safe-haven assets. In response, European leaders deliberated on possible countermeasures, such as reviving last year's strategy to impose tariffs on US products, with French President Emmanuel Macron reportedly urging leaders to invoke the EU’s anti-coercion instrument. Meanwhile, pressure on the metal subsided in the past two sessions after the Trump administration opted not to impose tariffs on critical minerals, including silver. Last year, silver was added to the US critical minerals list due to its essential role in green energy technologies and electronics. Persistent structural supply deficits have also rendered silver a vital asset, with the London market experiencing supply constraints over the last year.