NEW YORK, Jan 20, 2026, 13:41 (EST) — Regular session.
- Spot silver hit a record $95.87/oz before easing back below $95
- Tariff threats tied to Greenland revived “Sell America” positioning and hit risk assets
- Silver-linked ETF SLV and major miners climbed as volatility jumped
Spot silver hit a record $95.87 a troy ounce on Tuesday before easing. Silver was down 0.1% at $94.60 by 1:02 p.m. ET and is up more than 32% this year after a 147% surge in 2025. “A softer dollar is providing an additional tailwind for precious metals,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. 1
The move followed President Donald Trump’s weekend threat to impose tariffs on select European countries unless they agree to hand Greenland to the United States, reviving talk of a “Sell America” trade — investors cutting exposure to U.S. assets. The 10-year Treasury yield jumped above 4.3% and the U.S. dollar index fell nearly 1% to about 98.5 in recent trading. “There is a limit to how many things you can put on the table,” UBS CEO Sergio Ermotti told CNBC from Davos. 2
Stocks fell on both sides of the Atlantic as investors weighed the tariff threat, with the dollar down about 0.9% against a basket, the Guardian reported. “Overall, this is a man-made crisis,” said Kathleen Brooks, research director at broker XTB, warning the selloff could extend if tensions do not cool. Trump is scheduled to speak in Davos on Wednesday, and the tariffs are due to start at 10% on Feb. 1 and rise to 25% on June 1, the report said. 3
Silver-linked assets ran with the metal. The iShares Silver Trust ETF (SLV) rose about 5.8% to $85.75, while First Majestic Silver gained about 4.3% and Pan American Silver added about 5.3%; Wheaton Precious Metals and Hecla Mining climbed roughly 4.8% and 3.7% respectively, with Coeur Mining up about 0.9%.
David Morrison, a senior market analyst at TradeNation, said “Geopolitical uncertainty has boosted demand for both silver and gold,” with a weaker dollar amplifying the move. He also flagged the risk of a correction as prices rise, even as silver’s industrial demand story — including uses tied to the AI buildout — keeps speculative interest high. 4
Silver, like gold, pays no interest, so traders often treat it as a proxy for the dollar and U.S. rate expectations. It also sits inside industrial supply chains, which can make the metal snap harder when flows hit a relatively smaller market.
But it cuts both ways. Any easing in trade rhetoric, or a rebound in the dollar, could pull silver off its highs and force fast profit-taking in a market that has widened its daily ranges.
The World Economic Forum’s annual meeting runs through Jan. 23 in Davos-Klosters. Markets are looking for any hint — from the U.S. or Europe — that this tariff fight can be contained. 5
Separately, Treasury Secretary Scott Bessent said Trump could decide on a new Federal Reserve chair “maybe as soon as next week,” adding another live wire for rates. He said four leading candidates include Trump adviser Kevin Hassett, Fed Governor Christopher Waller, former Fed Governor Kevin Warsh and BlackRock bond manager Rick Rieder. 6
The next scheduled Fed policy meeting is Jan. 27-28, a focal point for traders trying to pin down where real yields go from here. 7
Before that, attention turns to U.S. data on Thursday: an updated estimate of third-quarter GDP at 8:30 a.m. ET, followed by the personal income and outlays report — including the PCE inflation measures — at 10:00 a.m., according to the BEA schedule. 8
