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    Gold, silver price records on Greenland dispute: cost signals for mine planners

    January 19, 2026|

    Reviewed by Joe Ashwell

    Gold, silver price records on Greenland dispute: cost signals for mine planners

    First reported on MINING.com

    30 Second Briefing

    Gold and silver prices hit fresh records on Monday as US President Donald Trump’s plan to acquire Greenland and threatened 10% tariffs on the UK, Germany and France triggered a flight from US dollar assets. Spot gold rose nearly 2% to $4,690.79/oz and spot silver jumped 5% to $94.10/oz, extending year-to-date gains to 6% and 18% respectively. ETF investors added more than 28 tonnes of gold last week, and Citigroup now projects $5,000/oz gold and $100/oz silver within three months, signalling sustained cost pressure for miners and fabricators.

    Technical Brief

    • US tariff threat targets multiple EU economies simultaneously: UK, Germany and France face 10% levies.
    • Tariffs are scheduled to commence next month, compressing hedging and offtake decision timelines for producers.
    • Trigger event is US pressure on Denmark over Greenland, introducing sovereign-risk over Arctic mineral assets.
    • Analyst Peter Mallin-Jones likens the tariff posture to “mafia extortion”, implying unpredictable policy risk.
    • Trade-war fears centre on inflationary impacts and reduced economic activity, both historically bullish for bullion.
    • ETF gold holdings rose over 28 tonnes in a single week, largest build since September.
    • ETF inventories have increased in seven of the last eight weeks, signalling sustained institutional allocation.
    • Citigroup’s three‑month targets of $5,000/oz gold and $100/oz silver reshape project cut-off and reserve pricing assumptions.

    Our Take

    Citigroup has been a recurring price forecaster across our recent coverage for gold, silver and even copper, so its $100/oz silver call here will likely be closely watched by producers and developers when stress-testing project economics such as the $360m Colossus project.

    The sharp swing from silver’s pullback to the low-$70s/oz range in early January 2026 to a new record above $94/oz underscores how quickly financing windows and hedging strategies can change for silver-heavy projects in Europe and the Americas.

    With 664 Mining stories and over 1,200 project-tagged pieces in our database, gold- and silver-linked disputes involving jurisdictions like Greenland remain relatively rare, suggesting that political risk around strategic rare earth and precious metal assets there is still being priced case by case rather than on a broad regional basis.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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