Goldman Sachs: Trump's increase in steel and aluminum tariffs has caused a sharp rise in silver prices

According to the Coinnet report, silver has seen a strong rise after the Trump administration announced that it would increase steel and aluminum tariffs from 25% to 50%. This is because the news has led the market to expect that the US government may take similar trade protection measures against other key metals (such as silver), thereby boosting the safe-haven and alternative demand for silver. Robert Quinn, a futures trader at Goldman Sachs, said that the news that the United States raised steel and aluminum tariffs triggered significant long positions in the silver futures market. The total position of silver futures surged by $2.8 billion, the largest two-day increase in the past year. Although the EFP (futures and spot price difference) fluctuated greatly, it tended to be in the premium overall, indicating that the market's expectations for recent spot tightness have increased. At the same time, the rise in silver prices has driven programmatic trend-following funds to enter the market to do more. In addition, the options market also showed a bullish attitude: the three-month implied volatility soared; the 25-Delta Put-Call Skew fell, indicating that investors are more willing to hold call options; the 5 Delta and 25 Delta call option ratio rebounded, indicating an increase in bets on extreme increases.