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Gold Rises Past $4,700 to Record
Philip Diehl, President at US Money Reserve and Former Director of the US Mint, discusses safe haven demand and implications of gold’s record highs.
Gold rose past $4,700 an ounce to a record high, while silver also reached an all-time peak, as the standoff between the US and Europe over control of Greenland showed no sign of de-escalation.
Markets are waiting for Europe’s response to Trump’s threat to impose tariffs on eight European nations that oppose his Greenland ambitions. Elsewhere, a meltdown in Japanese government debt rippled through global bond markets, while a gauge of dollar strength fell by the most in over a month.
The US threat toward its NATO allies has rattled markets, adding renewed impetus to a record-breaking rally that lifted gold prices nearly 75% over the past 12 months.
Japanese Prime Minister Sanae Takaichi’s tax-cutting election pitch has highlighted the mounting sovereign debts among developed economies worldwide. High fiscal deficits have helped fuel bullion’s gains through 2025, as investors bet on inflation as the only path to solvency. A weaker dollar also makes commodities more affordable for buyers in other currencies.
Investors are also watching for developments from Davos, where Trump said he will meet with several parties to discuss his plan to take control of the Danish territory. French President Emmanuel Macron intends to request activation of the European Union’s anti-coercion instrument, although German Chancellor Friedrich Merz said he’s trying to get him to tone down his response.
“I do not understand what you are doing on Greenland,” Macron told Trump in a text the US President later shared on social media. Trump also took a swipe at Macron for rejecting an invitation to back his latest peace initiative and suggested the US would impose duties on French wine and champagne.
“We have entered an era of resource nationalism between the major powers,” Peter Kinsella, global head of FX strategy at Union Bancaire Privee SA, said in an interview on Bloomberg Television. Currencies are not necessarily the best way to play this geopolitical theme, as “the best way to play it is through precious metals exposure,” he said.
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Published Jan 20, 2026
