Silver hits a new all-time high above $95 as geopolitical tensions and tariff risks drive a broad rally in precious metals.
Silver surged over 5% on Tuesday, breaking above $95 per ounce to reach a new all-time high as geopolitical tensions continue to support precious metals demand.
The metal has now gained more than 30% year-to-date and 210% since last year, with its market capitalization surpassing $5.3 trillion.
Gold also reached a new all-time high near $4,750, rising over 3% on the day. Both precious metals have been setting fresh records almost daily since early October 2025.
The rally comes amid heightened geopolitical uncertainty. The US has threatened to impose tariffs on certain European nations in its push to acquire Greenland, with warnings of significantly larger tariffs by June. European nations have responded with their own retaliatory tariff measures.
Traditional equity markets weakened as precious metals surged. The S&P 500 fell 1.5% on the day, while the Nasdaq declined 0.6%.
Digital assets also showed weakness. Bitcoin briefly surpassed $95,000 last week alongside fresh ETF inflows, but the strength proved short-lived. The largest crypto asset by market cap has since retraced all of last week’s gains and was trading back near $90,000.
Silver was last trading near $95 at press time.