Gold and silver break records: why markets are looking for “safe havens”
19 January 09:51
Global prices for gold and silver have risen sharply and set new historical records amid escalating geopolitical tensions between the US and Europe. Investors are flocking to safe-haven assets after US President Donald Trump’s statements about the possible introduction of additional tariffs against European countries in the dispute over the future of Greenland. This was reported by Reuters, according to "Komersant Ukrainian".
New records on the precious metals market
As of the morning of January 19:
- Gold (spot) rose 1.6% to $4,666.11 per ounce, after reaching a historic high of $4,689.39.
- US gold futures for February delivery added 1.7% to $4,671.90.
- Silver rose 3.6% to $93.15, setting a record of $94.08 per ounce.
The growth was supported by expectations of trade escalation, a weakening US dollar, and a fall in US stock index futures.
What triggered it: the dispute over Greenland
On Saturday, Donald Trump said that the US would impose a wave of increasing tariffs on European allies until Washington was allowed to purchase Greenland. This sharply exacerbated relations with Europe.
Diplomats reported that the European Union is already preparing mirror measures in response if trade restrictions are imposed.
StoneX analyst Matt Simpson noted that geopolitical risks gave gold bulls another reason to push prices higher, and Trump’s trade rhetoric only heightened concerns about the political balance in Europe and the future of NATO.
Why investors are fleeing to gold and silver
After Trump’s statements, investors began actively buying gold, the Japanese yen, and the Swiss franc — classic “safe havens.”
At the same time:
- the US dollar is weakening,
- stock markets are showing caution,
- demand for physical metals is growing.
OCBC strategist Christopher Wong explains that silver is further supported by a shortage of physical supply and steady industrial demand, although growth rates may require short-term caution.
Gold or silver: what big banks are choosing
J.P. Morgan analysts have stated that they prefer gold over silver. According to their assessment, sharp corrections in silver could temporarily “infect” gold, but for gold, this is more of a buying opportunity, as its long-term structure appears more stable.
The gold/silver ratio has fallen sharply from around 105 at the end of 2025 to the low 50s, indicating the outperformance of silver.
Other precious metals
Platinum rose 0.6% to $2,341.08 per ounce.
Palladium added 0.1% to $1,801.87.
What this means for the markets
Escalating geopolitical and trade conflicts are driving demand for safe-haven assets.
Gold is cementing its status as the main beneficiary of global uncertainty.
Further dynamics will depend on whether US tariff threats turn into real action and what the EU’s response will be.
Markets are closely monitoring the development of the conflict, and for now, gold and silver remain the main indicators of fear and instability in the global economy.
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