FX.co ★ Silver Retreats on Trump Remarks

Silver prices fell towards $92 per ounce on Thursday, pulling back from record highs. This decline followed statements by US President Donald Trump that alleviated market concerns about escalating geopolitical and trade tensions involving Greenland. Trump dismissed the idea of using military force to acquire Greenland and softened his stance on imposing tariffs against European nations. This came after establishing a preliminary framework for a potential agreement with NATO, though specifics of the arrangement remain undisclosed. Concurrently, Denmark asserted it would not engage in talks to transfer its territory to the US, and the European Parliament suspended the approval of the EU-US trade agreement finalized in July, in response to Trump's intimidations. Despite this downturn, silver remains buoyed by ongoing physical supply shortages, as the market contends with a fourth consecutive year of worldwide supply deficits. As a result, silver prices remain highly responsive to further pressures in currency valuations, sovereign debt, or trade policies.