Gold, Silver Smash Records as Trump Sets Feb. 1 Tariffs Over Greenland Standoff
Gold (XAU/USD) printed $4,689.39/oz and silver (XAG/USD) tagged $94.08/oz immediately, after President Donald Trump tied a brand new tariff schedule to a Greenland standoff in a Truth Social post on Saturday that set specific begin dates and step-ups.
Trump Sets Feb. 1 Tariff Start Date in Greenland Dispute
Trump wrote that the U.S. will impose a ten% tariff from Feb. 1, 2026, on “any and all items” from Denmark, Norway, Sweden, France, Germany, the U.Okay., the Netherlands, and Finland, then raise the speed to 25% from June 1, 2026, till “the Complete and Total buy of Greenland” happens.
Eight #European international locations focused by #US President Donald #Trump for a ten% #tariff for opposing American management of Greenland on Sunday warned that his threats “undermine transatlantic relations and danger a harmful downward spiral.”
FRANCE 24 takes a better look. pic.twitter.com/4GnDxkWwA2
— FRANCE 24 English (@France24_en) January 19, 2026
“This Tariff shall be due and payable till such time as a Deal is reached for the Complete and Total buy of Greenland,” Trump acknowledged within the publish.
Price motion favored the higher-beta steel: spot silver rose about 4.4% intraday to $93.85/oz after the $94.08/oz print, whereas spot gold rose about 1.6% to $4,670.01/oz after the $4,689.39/oz high.
Cross-asset tape confirmed “risk-off” positioning: European equities traded decrease on Jan. 19, 2026, as the tariff timeline hit, with Germany’s DAX falling 1.1% and the CAC 40 in Paris falling 1.3% in early strikes cited by AP News.
The subsequent macro catalyst sits on the charges channel: the Bank of Japan has scheduled its Monetary Policy Meeting for Jan. 22-23, 2026, with the Statement on Monetary Policy slated for Jan. 23 and the Summary of Opinions due Feb. 2.
Liquidity notice for desks operating steel publicity: U.S. markets are closed on Jan. 19, 2026, for Martin Luther King Jr. Day, which traditionally concentrates value discovery into futures/FX venues and may widen intraday slippage on leveraged steel merchandise.
What Markets Are Pricing In
Gold’s file print at $4,689/oz issues lower than the tariff calendar at Feb. 1 and June 1 as a result of systematic macro books map these dates into USD rate volatility and cross-asset correlation spikes.
If the BoJ on Jan. 23 signifies tighter coverage whereas Washington concurrently escalates commerce restrictions, desks ought to anticipate convex strikes in JPY crosses and mechanically larger demand for collateral-friendly havens, with silver’s $94/oz spike performing as a inform for funds that categorical the identical hedge by larger beta and industrial tightness fairly than pure store-of-value publicity.
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