AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

1/19/2026: Gold rallies on Trump NATO threats

Source: Bill Musgrave, American Gold Exchange

Austin — With US markets closed for the MLK holiday, world spot gold jumped 1.7% to more than $4,675, another new record, on safe-haven demand after President Trump threatened tariffs against NATO nations that resist his intention to acquire Greenland. Silver surged nearly 5% to more than $95.50, also a new record.

In a shocking expression of economic aggression toward US allies, Trump announced that he will levy 10% tariffs against eight European nations unless they submit to his full acquisition of Greenland by February 1. The tariffs would then escalate to 25% by June 1.

The target nations, all members of NATO, have stood behind Greenland's express desire to remain independent of the US. While Greenland is not a NATO member, it is a constituent country within the Kingdom of Denmark, a NATO founding member, and therefore covered by NATO's security guarantees.

If the US proceeds with its hostile takeover of the arctic island, whether by economic or military coercion, it will likely mean the end of NATO—something Russia has been actively seeking. EU leaders vow to resist the pressure. A series of Republican lawmakers have also voiced opposition.

The gesture has reignited the so-called "sell America" trade that began with Trump's "Liberation Day" announcement of tariffs last spring—but largely subsided after tariffs fell to manageable levels—wherein US assets are seen as risky.

The dollar fell 0.4% against major rivals as Forex traders shifted into safe-haven currencies like the Swiss franc and yen. A weaker dollar supports gold and other commodities by making them less expensive in other currencies, boosting demand overseas.

Platinum and palladium rose 1.7% and 2.3%, respectively.

World spot gold gained $79.30 to $4,675.65; silver surged $4.34 to $95.52; platinum picked up $38.67 to $2,373.95; and palladium rose $41.85 to $1,849 an ounce.