Gold and Silver ETFs Plummet Up to 21% Amid Trump's Greenland Tariff Reversal

• Gold and Silver Exchange Traded Funds (ETFs) experienced a sharp decline of up to 21% on January 22.
• The fall in precious metal prices followed US President Donald Trump's decision to cancel tariffs on 8 European countries related to Greenland.
• Trump had previously threatened 10% tariffs on goods from Denmark, Norway, Sweden, France, Germany, UK, Netherlands, and Finland, escalating to 25% if a Greenland deal wasn't reached.
• Geopolitical tensions from the tariff threat had initially driven gold and silver prices up as investors sought safe-haven assets.
• Goldman Sachs raised its gold price forecast for December 2026 to $5,400 per ounce, expecting increased Western ETF holdings due to potential Fed rate cuts.

Why It Matters: Gold and silver ETFs saw significant drops after Trump reversed his tariff plans concerning Greenland.