MW Gold and silver hit fresh records as Trump's attack on 'the existing world order' stokes new surge in metal markets

By Myra P. Saefong

Trump's attack on 'is scaring investors far beyond the NYSE or U.S. Treasury markets'

Gold and silver hit record highs Tuesday, with the 'sell America' trade back in the headlines, Adrian Ash of BullionVault said.

Gold and silver rose to fresh record highs Tuesday, with investors finding few other places to safeguard their portfolios after President Donald Trump threatened new tariffs on European allies.

Trump's threat, tied to his efforts to acquire Greenland, "shook the foundations" of the U.S. alliance with the European Union and NATO, said Jim Wyckoff, senior analyst at Kitco.com.

While the idea of a 'sell America' trade was back in the headlines, "this sudden attack of anxiety runs much wider," Adrian Ash, director of research at BullionVault, told MarketWatch. "That's because Trump's latest attack on the existing world order is scaring investors far beyond the [New York Stock Exchange] or U.S. Treasury markets."

'Trump's latest attack on the existing world order is scaring investors far beyond the NYSE or U.S. Treasury markets.'Adrian Ash, BullionVault

"Stocks and bonds are falling everywhere," he said, adding that "gold and silver have hit new record highs in all currencies."

Gold for February delivery (GCG26) (GC00) settled at a record high of $4,765.80 on Comex Tuesday, up 3.7% for the session, while March silver (SIH26) (SI00) finished at $94.64 an ounce, also the highest on record, after a gain of 6.9% Tuesday.

Read: Silver is getting more expensive to trade, but it could still hit $100. Here's how.

While metals rose, U.S. Treasurys were losing ground Monday, lifting the benchmark 10-year Treasury yield BX:TMUBMUSD10Y to an intraday high of 4.3%, on track for its highest closing level in five months. Bond prices and yields move in the opposite direction. Major U.S. stock indexes were on track for their largest drops in at least a month.

Read: Tariff fears are back - and they're hitting Amazon, Walmart and other retail stocks

Buying gold has become a way for investors to diversify away from U.S. assets like government bonds and the dollar, a theme that's known as the "debasement trade."

While the rally on "Greenland tariff headlines could easily fade," said Michael Armbruster, co-founder and managing partner at futures brokerage Altavest, "trends for the precious metals remain pointed higher."

The primary bullish drivers in the precious-metals markets are demand-driven, Armbruster told MarketWatch, explaining that for gold, it is primarily central-bank buying, while for silver it is an increasing appetite from industrial users.

"Whether it is data-center infrastructure or Samsung's (KR:005930) new silver-based batteries that will soon go into production, silver demand is ramping higher, while silver production is unlikely to keep up," he said.

For investors, he added, that means "buy dips and don't chase headlines."

-Myra P. Saefong

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January 20, 2026 14:01 ET (19:01 GMT)

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