Trump Delays Tariff Increase on Key Minerals, Silver Drops Over 5%

On January 15, the price of silver once fell by 7.3%, then recovered most of the losses, but the decline expanded again, and it is currently down more than 5%. Trump did not impose additional tariffs on key mineral imports including silver and platinum, and stated that he would resolve the issue through bilateral negotiations, while also proposing the idea of setting a price floor. Market concerns over tariffs have led to some metals being stockpiled in US warehouses, with about 434 million ounces of silver held in warehouses related to New York Mercantile Exchange futures trading, an increase of about 100 million ounces compared to a year ago. StoneX Group analyst Rhona O’Connell pointed out that the outflow of silver from the US may be hindered, as it remains on Trump’s list of key minerals. OCBC strategist Christopher Wong believes that the medium-term outlook for silver is positive, but recent price volatility requires caution.