Trump Greenland Tariff Threat Sends Gold to $4,660, Silver Near $94

Precious metals are on fire. Gold jumped above $4,660 per ounce and silver surged past $94 per ounce for the first time in history after President Donald Trump threatened new tariffs on several European countries. Trump said the U.S. could impose a 10% import tariff starting February 1 on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland. 

He also warned the tariffs could rise to 25% by June 1 unless these countries agree to sell Greenland to the U.S. for strategic reasons. The shock announcement hit global markets hard. U.S. stock futures dropped. Europe warned of retaliation worth up to €93 billion and investors rushed into safe assets like gold and silver.

Silver Breaks $94 for the First Time Ever

Silver made history on January 18 when prices briefly touched $94.30 per ounce. It is setting a new all time high. This marks a stunning 31% gain already, after a massive rally of more than 120% last year. Just one year ago, silver was trading near $30. Now it has tripled.

BREAKING: Silver surges above $94/oz for the first time in history, now up another +31% in 2026.

The historic run is accelerating. pic.twitter.com/vs79hf9tB3

— The Kobeissi Letter (@KobeissiLetter) January 18, 2026

Charts shared online show a steep upward move that looks almost vertical. Social media is full of traders posting price targets as high as $500 or even $1,000. While others warn a pullback could come fast. Even after some profit taking, silver is still trading in the $89-$93 range. This is keeping weekly and monthly gains strong.

Why Silver Is Exploding Higher

Silver is not just a precious metal. It is also a critical industrial metal. More than half of all silver demand now comes from industry. It is used in:

• Solar panels
• Electric vehicles
• Semiconductors
• Data centers
• AI hardware
• Green energy systems

At the same time, global silver supply has been in deficit for over five years in a row. Mines and recycling simply cannot keep up with demand. This supply gap keeps growing every year. Less metal, more demand. That is a perfect setup for higher prices.

Gold Rallies on Fear and Inflation Bets

Gold is also climbing fast. Prices reached $4,660 per ounce, marking a gain of nearly 72% over the past year. Investors are buying gold against trade wars, currency weakness, inflation and geopolitical risks. With central banks cutting interest rates and printing more money, many see gold as the safest place to park wealth. As Peter Schiff said, “The most exciting action isn’t on the football field but in the precious metals market.”

What Comes Next for Metals?

Silver dual role as a safe haven and an industrial metal makes it more volatile than gold. That means big gains but also sharp pullbacks. Some analysts believe silver could break $100 per ounce very soon. Others warn that if the U.S. dollar strengthens or if industrial demand slows. The prices could cool down.

Currently, the momentum is strong. Investor demand is rising. Physical silver is getting harder to find. Dealers are increasing minimum orders. ETFs are seeing steady inflows. One thing is clear: metals are back in the spotlight. While crypto traders debate Bitcoin’s next move, gold and silver are stealing the show and rewriting price history in the process.