New York, Jan 19, 2026, 12:13 PM EST — Markets have closed.
- Spot silver surged past $94, hitting a new record amid a rush into safe-haven assets.
- Trump’s tariff threat linked to a Greenland spat sparked a risk-off reaction in currencies and equities.
- With U.S. markets reopening Tuesday, traders are focused on headlines from Davos and the Fed’s meeting set for late January.
Silver prices surged to record highs on Monday, with spot silver climbing 4.4% to $93.93 an ounce, briefly hitting $94.10. The spike came as investors sought safety after U.S. President Donald Trump threatened more tariffs amid the Greenland dispute. Spot gold also hit a new high, rising 1.6% to $4,669.69. Linh Tran, a senior market analyst at XS.com, noted that policy shocks often drive money into havens like gold. Citi Research analysts put three-month targets at $100 for silver and $5,000 for gold. Meanwhile, traders priced in at least two quarter-point U.S. rate cuts this year, even as the Fed is expected to hold rates steady at its Jan. 27-28 meeting. 1
This shift is significant since U.S. stock markets are closed for Martin Luther King Jr. Day, leaving global commodity prices to lead the narrative before trading resumes Tuesday. Silver-related stocks and exchange-traded products will likely need to “catch up” when Wall Street opens again. 2
Trump announced an additional 10% tariff starting Feb. 1 on imports from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain, set to jump to 25% on June 1 if no Greenland deal is struck. “There is obviously a response (in financial markets) to the new tariff threats,” said George Lagarias, chief economist at Forvis Mazars. Tommy von Brömsen of Handelsbanken pointed out the rare dollar weakness, given the shock “is originating from the U.S.” The Davos forum in Switzerland was bracing for a tense stretch of trade discussions. 3
Safe-haven demand refers to the rush into assets considered more stable during political or economic turmoil. Gold leads that pack; silver usually follows but can be more volatile since it’s linked to industry and typically sees thinner trading volumes.
The surge in spot prices sharpens attention on the disconnect between global metal trading and U.S.-listed proxies, which sat idle for the holiday. Investors tracking silver via ETFs saw the iShares Silver Trust’s last closing price at $81.02 on Jan. 16. 4
Behind the scenes, the real question is if silver can stay close to record highs when liquidity fully returns. Major price points often trigger profit-taking just as fast as they lure in momentum traders, particularly after a steep rally.
That rally carries a risk: should Washington ease up, or if tariff threats get pushed back or watered down during talks, that safety-driven buying could vanish quickly. A stronger dollar or a bounce in rate expectations would also likely pressure precious metals downward.
Traders are keeping an eye on new developments from Davos in the coming days and how U.S. markets respond once regular trading kicks off Tuesday. After that, all focus shifts to the Federal Reserve’s Jan. 27-28 meeting, looking for any change in the rate outlook that might either fuel or halt silver’s recent rally.
