Silver Retreats After Rally as Trump Holds Off on Mineral Tariffs

Silver pulled back from record highs after a blistering rally, as investors took profits and the Trump administration held off on imposing tariffs on critical minerals. The pause defused some of the immediate supply fears that had driven prices sharply higher, even as broader geopolitical tensions — from Washington’s seizure of Venezuela’s leader to renewed rhetoric around Greenland — continued to underpin haven demand across commodities.

Speculative buying in China also added fuel in recent weeks, amplifying the speed of the move. Analysts say the medium-term case for silver remains constructive, supported by supply shortfalls, industrial demand and spillover interest from gold, but warn that the speed of the recent rally calls for caution. With volatility elevated and flows increasingly driven by positioning rather than fundamentals, the metal’s retreat looks less like a reversal and more like a reset after an extraordinary surge.