Silver prices skyrocketed to a fresh record high today. The dramatic surge came as former President Donald Trump's attempt to gain control of Greenland rattled global markets. This move stoked serious fears about a potential trade war between the United States and Europe.
Prices Reach Unprecedented Levels
In international trading on Tuesday, the COMEX silver rate briefly touched an all-time peak of $94.740 per ounce. Simultaneously, gold prices traded very close to their own historic high, hovering around $4,670.
Both precious metals experienced a slight pullback later in the session. This followed an intense rally triggered by Trump's announcement. He revealed plans for new tariffs targeting eight European nations that opposed his Greenland strategy.
The Driving Forces Behind the Rally
Financial markets are deeply unsettled by the United States' confrontational approach toward its NATO allies. This anxiety is fueling strong demand for traditional safe-haven assets like silver and gold. According to a Bloomberg analysis, it is also reviving the popular "Sell America" trade strategy.
All eyes are now on Europe's countermove. French President Emmanuel Macron intends to push for activating the European Union's anti-coercion mechanism. In contrast, German Chancellor Friedrich Merz is reportedly advocating for a more restrained response.
Broader Market Turmoil Supports Metals
The Bloomberg report highlights that this fresh geopolitical turmoil adds momentum to an already powerful rally. The situation follows closely on the heels of the US capture of a Venezuelan leader, creating a perfect storm for investors seeking security.
Furthermore, renewed criticism of the Federal Reserve by the Trump administration is providing additional support this year. These attacks have rekindled widespread worries about the central bank's political independence, benefiting precious metals.
Expert Analysis: Can Silver Reach $100?
Ponmudi R, the CEO of Enrich Money, provided his expert outlook. He noted that COMEX Silver is showing resilience near the $93 zone after achieving new lifetime highs around $94.30. Prices are holding firmly above key moving averages following a significant breakout, which confirms sustained buyer dominance.
"Structural demand from sectors like solar energy, electric vehicles, artificial intelligence, and electronics continues to support silver's long-term strength," Ponmudi explained. "Safe-haven investment flows are also a major factor. While recent price action shows some short-term profit-taking, the broader outlook remains positive with higher support levels holding strong. The $85 to $88 range could serve as a consolidation zone in the near term."
Technical Outlook and Future Projections
On the technical front, Ponmudi added that a decisive breakout above the $94 to $96 resistance band could accelerate momentum. This might push prices toward the $97 to $100 range and beyond. For the medium term, he identifies strong support in the $80 to $83 region.
"Looking deeper into 2026, silver maintains a structurally bullish posture," he stated. "Achieving levels above $100 appears increasingly realistic. This is due to persistent supply deficits and continuously rising industrial consumption."
This report includes information from Bloomberg.
Disclaimer: This article is intended for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, and not of Mint. We strongly advise investors to consult with certified experts before making any investment decisions.
