Gold and Silver Surge as Tariff Fears Intensify, Schiff Warns of Silver Breakout
Gold and silver prices surged Tuesday as market fears escalated following President Donald Trump’s announcement of new and proposed tariffs, including a potential 100% tariff on foreign films and upcoming levies on pharmaceuticals.
Economist Peter Schiff highlighted the sharp rise in gold and silver prices on X (formerly Twitter), noting that gold had gained $135 in just 24 hours, trading above $3,380 after a $90 advance earlier in the day and a further $45 overnight move.
Silver Eyes Breakout as Momentum Builds
Silver also saw strong upward movement. Prices climbed by nearly 2%, hitting $33.10 per ounce, and continued to rally after adding another 50 cents overnight. Schiff suggested that silver may be nearing a technical breakout.
Responding to a user on X who speculated that silver needs to clear $36 before a surge to $50, Schiff offered a slightly lower threshold: “A close above $35 would trigger that move.”
Tariffs Stir Global Market Anxiety
The gains in precious metals come as investors seek safe-haven assets amid fresh uncertainty. Trump’s latest tariff plans—including steep 145% duties on Chinese goods already in place—have rattled global trade expectations. Traders are now bracing for further economic fallout, with metals benefiting from flight-to-safety demand.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
