Gold Reaches $4,689 and Silver Surges to $94 as Nordic Countries Join Major European Powers in Tariff Crosshairs

Monday’s global financial markets witnessed extraordinary movements as precious metals achieved historic price levels in response to tariff threats affecting both major European economies and Nordic nations. Silver led the precious metal rally with a spectacular surge to $94.08 per ounce—an all-time record—before settling at $93.15 with a robust 3.6% gain. Gold advanced 1.6% to reach $4,671 per ounce after touching an unprecedented high of $4,689 during trading sessions.
President Trump’s weekend proclamation provided the immediate trigger for market disruption, announcing plans to impose major tariffs on eight European countries including Nordic nations Denmark, Norway, Sweden, and Finland alongside major powers France, Germany, and the UK, plus the Netherlands. The tariff proposal establishes February 1st as the critical implementation date for initial 10% levies, with predetermined escalation to 25% by June 1st unless the United States successfully purchases Greenland. The inclusion of Nordic countries reflects Greenland’s geographic and political connections to the region.
European stock exchanges reflected investor concern through widespread declines across major indices. France’s Cac led the selloff with a 1.8% retreat, while Germany’s Dax and Italy’s FTSE MIB each fell 1.3%. The UK’s FTSE 100 demonstrated relative resilience with a modest 0.4% decline. The automotive manufacturing sector faced particularly acute pressure, with German premium brands Volkswagen, BMW, and Mercedes-Benz all shedding more than 2% of their market value, while French-Italian conglomerate Stellantis similarly declined nearly 2%.
The inclusion of Nordic nations Denmark, Norway, Sweden, and Finland alongside major European powers creates additional diplomatic complexity, as these countries maintain distinctive relationships with Greenland and the broader Arctic region. Denmark’s status as Greenland’s sovereign nation makes its inclusion particularly significant, while Norway, Sweden, and Finland’s Nordic connections create regional diplomatic dimensions beyond standard trade policy considerations. This geographic and political clustering suggests Trump’s tariff strategy specifically targets nations with Arctic interests and potential influence over Greenland’s future status.
Economic forecasting models project tangible consequences for European growth trajectories, with baseline scenarios estimating 0.2 percentage point reductions in GDP expansion across the continent. The combination of major economic powers and smaller Nordic economies in the targeted group creates varied impact scenarios, with larger economies facing absolute GDP reductions while smaller Nordic nations may experience disproportionate relative impacts. European Union ambassadors are actively preparing retaliatory measures while simultaneously pursuing diplomatic engagement, as precious metal analysts note that the geographic and political targeting of both major powers and Nordic nations sustains elevated demand for gold and silver as safe-haven assets.