Gold (XAU/USD) printed $4,689.39/oz and silver (XAG/USD) tagged $94.08/oz at the moment, after President Donald Trump tied a brand new tariff schedule to a Greenland standoff in a Fact Social put up on Saturday that set specific begin dates and step-ups.
Trump Units Feb. 1 Tariff Begin 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 Full and Whole buy of Greenland” happens.
Eight #European nations 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 can be due and payable till such time as a Deal is reached for the Full and Whole buy of Greenland,” Trump said within the put up.
Value 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 excessive.
Cross-asset tape confirmed “risk-off” positioning: European equities traded decrease on Jan. 19, 2026, because 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 Information.
The subsequent macro catalyst sits on the charges channel: the Financial institution of Japan has scheduled its Financial Coverage Assembly for Jan. 22-23, 2026, with the Assertion on Financial Coverage slated for Jan. 23 and the Abstract of Opinions due Feb. 2.
Liquidity observe for desks working 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 might widen intraday slippage on leveraged steel merchandise.
What Markets Are Pricing In
Gold’s document 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 charge volatility and cross-asset correlation spikes.
If the BoJ on Jan. 23 signifies tighter coverage whereas Washington concurrently escalates commerce restrictions, desks ought to count on convex strikes in JPY crosses and mechanically increased demand for collateral-friendly havens, with silver’s $94/oz spike appearing as a inform for funds that specific the identical hedge by means of increased beta and industrial tightness reasonably than pure store-of-value publicity.
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