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 has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
