<p>Gold is breaking out to new all-time highs this morning, rising $25 to top $2,795 per ounce.</p>
<p>At the same time, silver continues its march upwards, rising another 60 cents this morning to trade at $31.65 per ounce.</p>
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<p>High drama in the institutional markets for gold and silver — unfolding mostly in the background over the past 45 days – may finally be bleeding out into the mainstream.</p>
<p>Specifically, Trump's threat to impose import tariffs has led to a <a href="https://www.moneymetals.com/news/2025/01/21/trumps-tariff-threat-fuels-ongoing-gold-silver-market-volatility-003773">mad scramble at the institutional level</a> to transport gold and silver bullion into the United States from all over the world before any potential tariffs are put into place.</p>
<p>A short squeeze may be unfolding at the COMEX; some traders are having difficulty sourcing metal and are closing out hedges to avoid getting caught on the wrong side of the trade.</p>
<p>On Wednesday, an analyst at TD Commodities warned the market is especially underestimating the possibility of a big move in silver, writing <i>"explosive upside convexity in silver markets remains severely underpriced, particularly with few days remaining until the proposed deadline for tariffs for Canada & Mexico."</i></p>
<p>Meanwhile, Trump has been pounding the table for lower rates and loudly blamed the Fed yesterday for causing the inflation America has seen in recent years.</p>
<p><i>“If the Fed had spent less time on DEI, gender ideology, 'green' energy, and fake climate change, Inflation would never have been a problem,”</i> Trump said in a Truth Social post.</p>
<p>Money Metals will keep you informed as these fast-moving events continue to unfold.</p>
