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Geopolitics · Gold · Greenland · Tariffs
Gold and silver surged to record highs, with gold surpassing $4,700 an ounce, driven by escalating tensions between the US and Europe over Greenland.
The standoff, marked by President Trump's threats of tariffs against eight European nations opposing his Greenland ambitions, has fueled strong safe-haven demand. Markets are awaiting Europe’s response, with French President Emmanuel Macron considering activating the European Union’s anti-coercion instrument, despite German Chancellor Friedrich Merz's efforts to temper the reaction.
This geopolitical uncertainty, alongside a meltdown in Japanese government debt and a weakening dollar, has contributed to gold's significant rally, which has seen prices climb nearly 75% over the past year and is projected to continue through 2025. Experts like Peter Kinsella of Union Bancaire Privee SA emphasize precious metals as the optimal way to navigate this era of resource nationalism.