International News
Silver surges more than 5% to $54 as “critical mineral” status reinforces safe-haven appeal
Silver prices climbed more than 5% today, breaking above $54 per ounce and approaching the all-time high established last month, as investors increasingly turned to precious metals for portfolio protection against mounting global economic concerns. The rally extends silver’s weekly gains to approximately 12%, marking one of the white metal’s strongest performances in recent months.
Silver’s dual role as both a monetary safe haven and an indispensable industrial metal makes this critical mineral designation particularly significant. The USDA’s critical minerals classification places silver alongside resources deemed essential to U.S. defense, technology infrastructure, and industrial competitiveness. This designation typically triggers enhanced federal support for domestic production, supply chain security measures, and strategic stockpiling considerations.
Analysts note that silver’s supply dynamics differ fundamentally from gold, with approximately 50% of annual production derived as a byproduct of mining other metals. This creates structural supply constraints even as industrial demand accelerates alongside the global energy transition.
The precious metals complex has attracted significant capital inflows as investors hedge against geopolitical tensions, currency volatility, and inflation concerns. Silver, often called “the poor man’s gold,” historically demonstrates higher volatility than its yellow counterpart, offering leveraged exposure to safe-haven demand trends.
With prices now within striking distance of recent all-time highs, technical analysts are monitoring key resistance levels while noting that silver’s fundamental backdrop—combining monetary demand, industrial necessity, and supply constraints—remains exceptionally robust.
International News
AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones
Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.
The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.
The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.
AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.
Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.
If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.
While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.
“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.
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