FX.co ★ Silver Remains Close to Recent Highs

On Wednesday, the price of silver rose slightly to approximately $95 per ounce, following a historic intraday high of $95.87 reached on Tuesday. This surge was driven by heightened demand for safe-haven assets coupled with ongoing physical shortages. Concurrently, U.S. President Donald Trump is en route to Davos, Switzerland, intending to leverage the World Economic Forum to amplify his efforts to attain Greenland, despite significant opposition from Europe. On Tuesday, Trump reiterated his aim to gain control over the Arctic territory, not dismissing the potential use of force. Danish Prime Minister Mette Frederiksen firmly rejected the U.S. President's demand, declaring that Greenland would not be ceded, as the European Union contemplates possible counteractions. Meanwhile, in the silver market, demand remains strong with no signs of waning, while supply continues to fall short. This situation marks the fourth consecutive year of global deficits in the silver market, with shortages becoming increasingly severe.