Gold & Silver Press Higher as Greenland Deal Mooted

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US President Donald Trump is stepping back from his aggressive stance on Greenland

Bullion.Directory precious metals analysis 22 January, 2026
By Nick Cawley
Contributing analyst at Solomon Global

After announcing that he and NATO Secretary General Mark Rutte have formed a “framework of a future deal” regarding the autonomous Danish territory. Trump has now ruled out using military force to take control of the island and has dropped his threatened tariffs against European nations.

The shift marks a significant de-escalation after weeks of tension with European allies. Trump had previously threatened 10% tariffs on eight European countries starting February 1, which would have risen to 25% by June.

While Trump and Rutte announced this apparent breakthrough at the World Economic Forum (WEF) in Davos, specific details about what the “framework” actually entails remain unclear at present.

Gold and silver continue their remarkable rally, with both metals reaching all-time highs this week. Gold is currently trading near $4,825/oz while silver is changing hands around $93.50/oz, marking their strongest performance in decades. Gold continues to find support from aggressive central bank buying, ongoing US dollar debasement, expectations of further US interest rate cuts, and geopolitical uncertainty.

Silver, while benefiting from these tailwinds, also continues to see physical demand outpacing production due to robust industrial usage. These drivers look set to continue, pushing gold and silver further into uncharted territory over the coming months.

Gold is within a few percentage points of touching $5,000/oz., a level expected by many. Looking at gold as a long-term position, the monthly chart shows just one negative month since January 2025 and just 10 monthly red candles since the November 2022 breakout. A break and consolidation above $5,000/oz. will see further gains for the precious metal in the months ahead, with $6,000/oz. a challenging but achievable target for 2026.

Gold Monthly Chart

Silver’s monthly chart clearly shows the parabolic breakout over the last few months. Silver is currently consolidating below $100/oz., an important psychological level for the semi-precious metal. A break above here remains the base case if current tailwinds remain.

Above here, $120/oz. Looks like a feasible target in the coming quarters.

Silver Monthly Chart

This article was originally published here

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