Gold, silver surge amid Trump Greenland crisis: ‘The debasement trade is on fire’

Gold (GC=F) and silver (SI=F) jumped to fresh records on Tuesday as President Trump doubled down on his pursuit of Greenland, threatening new tariffs on Europe.

Gold futures climbed above $4,700 per ounce while silver surged to $95 per ounce, extending a string of record highs that has been building for months.

The move followed renewed tariff threats from Trump against European countries, tied to his pursuit of Greenland. Meanwhile, a sell-off in Japanese bonds revived fiscal concerns across global markets.

Precious metals have been on a blistering run, driven by strong central bank demand for gold, growing questions over Federal Reserve independence, mounting fiscal spending and US intervention in Venezuela, along with rising tensions with Iran.

“The debasement trade is on fire and precious metals are the outlet,” Robin Brooks, a senior fellow in the global economy and development program at the Brookings Institution, said on X on Tuesday morning.