Trump postpones imposing tariffs on key minerals, and silver prices resume their decline.

On Thursday, silver prices fell by 7.3% at one point, then recovered most of the losses during the trading session, before falling again to drop more than 5% currently. President Trump has not imposed tariffs on key mineral imports including silver and platinum, saying he will solve the issue through bilateral negotiations and has proposed setting a floor price. Concerns about tariffs have led to some metals, including silver, being hoarded in warehouses in the United States. Currently, warehouses related to futures trading on the New York Mercantile Exchange hold about 434 million ounces of silver, an increase of about 100 million ounces from when the trade disruptions caused by tariffs worsened about a year ago. While these stockpiles may help alleviate other tensions, StoneX Group analyst Rhona O'Connell points out that silver leaving the US may face some obstacles, as it is still on Trump's list of key mineral imports. Christopher Wong, a strategist at Oversea-Chinese Banking Corporation, said that the medium-term outlook for silver remains positive, supported by supply shortages, industrial consumption, and spillover effects from gold demand. However, the recent speed of price fluctuations requires us to maintain a cautious attitude in the short term.