The monetary metals pulled back sharply yesterday but have entered Tuesday on stable footing. Silver is trading at $29.90 –and gold is $2,674.
The ongoing volatility is a reflection of uncertainty in the gold and silver markets globally, including fears of import tariffs from the incoming Trump administration.
If Trump slaps a tariff of, say, 10% on precious metals coming into the U.S., that would have a huge impact. 10% on silver would amount to $3 per ounce!
As a result of this worry, the price of gold and silver – as traded on the New York futures market – has risen sharply above the prices for the same metals seen simultaneously in other markets across the globe.