Gold and silver are both off to a solid start this week as President Trump reignited his tariff trade war. Silver in particular has jumped to new highs in euros.

After being cheered by delays to tariffs, markets have been disappointed to see new tariff warnings issued by the US. The latest threats came Saturday, with the President stating that goods from Mexico and the EU will face tariff rates of 30% on August 1st. While some remain sceptical that these rates will actually be introduced, the threats have been enough to weaken stock markets and the Euro.

Gold has risen back above $3,300 per ounce on opening this morning, and is heading towards $3,400 once more. In GBP this puts gold back above £2,500 for the first time in three weeks. In euros gold is trading at €2,889, also a three-week high.

140725 USD Silver Chart

It is silver however that is once again drawing eyes from gold. Since Thursday last week, silver has been posting solid gains consistently, and has pushed above $39 per ounce this morning for the first time since September 2011. $40 will likely prove a resistance point, and such quick gains could bring selling pressure, but silver has momentum behind it with a 20% gain in the past three months.

In Euros, silver has set a new all-time high of €33.54 this morning, handily beating the previous 2011 record. With gold having hit new records multiple times in recent years, European investors will no doubt be excited to see silver catching up. In GBP gold hit a high of £29.06, just shy of the UK record of £29.26. If silver can maintain its momentum, a new UK record is possible this week.

Geopolitical tensions also remain high, with President Trump confirming advanced military hardware will be sent to Ukraine. After months of negotiations, attacks between Ukraine and Russia appear to have only intensified, and the US’s renewed support for Ukraine suggests no end to the conflict is near.

Market confidence and resolve will be tested by President Trump’s latest threats on tariffs, and volatility is likely in the next two weeks as the new August 1st deadline approaches. Gold and silver remain well-positioned, but attention will undoubtedly be on silver this week. The latest rally is yet to match 2011’s incredible run, suggesting there could be room for further gains at pace as investors pile into the metal.