The global stock market is facing a perfect storm that is beginning to be reflected in asset prices.
This morning, gold and silver reached new highs just days after surpassing their previous records, as several events promoted by United States President Donald Trump simultaneously affect investor expectations.
Gold futures in the United States for delivery in February rose 1.71% during the first hours of the day, to US$4,674.2 per ounce, after having hit a record last week; while spot gold advanced 1.6%, to US$4,668.14 per ounce.
The move came after Trump’s announcement to impose tariffs on goods entering the US from eight European countries until an agreement is reached for the “complete and total purchase of Greenland”, intensifying his rhetoric around the annexation of the Arctic island.
“Gold’s rally has been powerful, but it is also supported by fundamentals that remain fully in place. With real rates likely to continue falling and central banks continuing to diversify their reserves, we see more reasons for gold to consolidate or advance slightly,” said George Cheveley, natural resources portfolio manager at Ninety One, as quoted by CNBC.
Silver accompanied the rise of gold: Silver futures in the United States for delivery in March advanced to a record of US$93,035 with an increase of 5.06%. The spot price of silver rose 3.55%, to US$93.16 per ounce.
Context Greenland
On Saturday, Trump launched an offensive to open negotiations that would allow him to join Greenland to the United States, which is today under the sovereignty of Denmark. He announced new tariffs of up to 25% to European countries that participate in military maneuvers on the Arctic island.
“As of February 1, 2026, all of the aforementioned countries (Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland) will be subject to a 10% tariff on all goods shipped to the United States of America,” the president wrote on his Truth social network.
“On June 1, 2026, the tariff will increase to 25%. This tariff will be payable until an agreement is reached for the complete and total purchase of Greenland,” he threatened.
Added to the tariffs linked to Greenland is the capture of the Venezuelan dictator and the announcement of control of that country’s oil industry, as well as Trump’s statements suggesting that a military attack against Iran was imminent.
In the morning, on Wall Street, the S&P500 index reported a drop of 0.064%, the Nasdaq fell 0.062% and the Dow Jones lost 0.17%.
The European Union has said it is considering far-reaching trade measures — including €93 billion in tariffs against the United States — to deter Donald Trump from trying to wrest control of Greenland.
IMF warning
The IMF’s chief economist, Pierre-Olivier Gourinchas, warned that the escalation of tensions between the United States and Europe represents a greater risk, with a possible very significant impact on the world economy.
He indicated that, if the tariffs imposed by the United States were followed by retaliation from Europe, the impact on the world economy would be very significant.
In a similar scenario modeled by the IMF last October, a situation of this type would subtract 0.3 percentage points from global growth.
Adding to the risk of the escalation of a new trade conflict that is riling up the markets is the criminal investigation by the Department of Justice that is being pursued against the president of the United States Federal Reserve, Jerome Powell.
The official is under pressure from Trump to lower the interest rate.
Receive your Perú21 by email or WhatsApp. Subscribe to our enriched digital newspaper. Take advantage of the discounts here.
RECOMMENDED VIDEO
