Trump suspends tariffs on key minerals, silver falls by over 5%

On January 15th, silver prices fell by 7.3% at one point, but later regained most of the lost ground. However, the decline has expanded again and is currently down more than 5%. Trump has not imposed tariffs on key mineral imports, including silver and platinum, and has stated that it will be resolved through bilateral negotiations, while also proposing the idea of setting a price floor. Market concerns about tariffs have led to some metals being hoarded in US warehouses, with approximately 434 million ounces of silver held in warehouses related to futures trading on the New York Mercantile Exchange, an increase of approximately 100 million ounces from a year ago. StoneX Group analyst Rhona O'Connell pointed out that the outflow of silver from the United States may be hindered as it is still on Trump's key mineral list. Christopher Wong, a strategist at OCBC Bank, believes that the medium-term outlook for silver is promising, but caution is needed due to the recent rapid price fluctuations.