Gold, Silver Smash Records as Trump Sets Feb. 1 Tariffs Over Greenland Standoff

Group 1 - Gold prices reached a high of $4,689.39/oz and silver prices hit $94.08/oz following President Trump's announcement of a new tariff schedule related to the Greenland dispute [1][2] - The U.S. will impose a 10% tariff on goods from several countries starting February 1, 2026, increasing to 25% on June 1, 2026, until a deal for the purchase of Greenland is reached [2] - Spot silver rose approximately 4.4% intraday to $93.85/oz, while spot gold increased about 1.6% to $4,670.01/oz after reaching a high of $4,689.39/oz [3] Group 2 - The upcoming Bank of Japan Monetary Policy Meeting on January 22-23, 2026, is expected to influence market rates and liquidity, particularly for metal exposure [4] - The significance of gold's record price is overshadowed by the tariff timeline, which is anticipated to impact USD rate volatility and cross-asset correlations [5] - If the Bank of Japan indicates tighter policy while trade restrictions escalate, there may be increased demand for collateral-friendly assets, with silver's price spike reflecting a shift in investment strategies [6]