Joe Elkjer
Precious Metals Advisor
Joe Elkjer, a Precious Metals Advisor at Scottsdale Bullion & Coin since 2019, specializes in helping clients protect their assets through tangible investments. With a strong background in business and finance, he emphasizes stellar customer service and stays dedicated to informing clients about market impacts through frequent appearances on The Gold Spot.
Damian White
Sr. Precious Metals Advisor
Damian White is a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. With a background in business and finance, he transitioned from real estate finance to focus on precious metals in 2016. Damian is dedicated to educating investors on the benefits of gold and silver, emphasizing the importance of wealth preservation and proper asset allocation.
As promised, the Trump administration is implementing changes at a breakneck pace. Many investors are struggling to keep up with the rapidly developing news cycle and its implications for their portfolios.
In this week’s The Gold Spot, Scottsdale Bullion & Coin Sr. Precious Metals Advisor Damian White and Precious Metals Advisor Joe Elkjer explain gold’s recent jump, how President Donald J. Trump’s policies might affect prices moving forward, and whether there are buying opportunities right now.
Gold Prices Rise on Uncertainty
Since decisively winning the election, Trump ignited a gold rally, pushing the metal to several new highs. On Friday, February 7, 2025, the spot price of gold hit a new intra-day record at over $2,886 an ounce, just shy of another major psychological barrier of $2,900. This early momentum is attributed to the uncertainty stemming from the president’s disruptive, fast-paced agenda. Silver followed closely behind gold with a mini-boom of its own, despite not hitting new records.
“Trump is moving so quickly that nobody knows what the outcome will be. So, I think there’s a lot of uncertainty out there.”
Damian White
Sr. Precious Metals Advisor
Tariffs Spurs Central Bank Gold Binge
Tariffs are at the root of this economic uncertainty and the flow into gold and silver. As a cornerstone campaign promise, Trump is levying these tariffs against friend and foe alike. Markets slumped following tariff announcements on major trading partners Canada and Mexico. Although eleventh-hour conversations eventually paused each for a month, the Dow Jones shed over 700 points before a deal could be struck, foreshadowing the potential economic fallout of a full-blown trade war.
Trump’s reinforced tariffs on China have reignited a trade war, as Xi Jinping is unlikely to negotiate. The Chinese Communist Party leader released retaliatory tariffs on the US. The president has already clarified that Europe is in his crosshairs, suggesting that more potential economic shakeups are coming.
Central Banks Pour Into Gold
In the face of steep tariff threats, central banks worldwide are increasing their gold reserves. National-level buyers took a breather in December, which resulted in muted price movement. The recent dive back into gold buying has jolted gold prices to new highs, signaling strong momentum in 2025.
Tariffs are causing a massive surge into gold, hitting new highs every day with every headline, every news article, every tariff.–
Bullion Banks Face Shortage
Trump’s swift implementation of tariffs has triggered an unexpected surge in central bank gold demand. As some of the world’s largest investors, central banks can strain bullion markets when making large, rapid purchases—and that’s exactly what’s happening now.
“If they default, if they don’t have the gold, you’re going to see something…nobody has ever seen before. You could see prices do something astronomical in a day…in a week.”
Damian White
Sr. Precious Metals Advisor
Major bullion banks, including the London Bullion Market Association (LBMA), Commodity Exchange (COMEX), and the Shanghai Gold Exchange (SGE), are struggling to keep up with demand, fueling concerns of a potential shortage.
Their reserves are dwindling, so we’re starting to see shortages. That’s reflective in prices [which] are skyrocketing up.–
Is now a good entry point?
After a record-breaking 2024 and a strong start to 2025, many investors wonder if prices are still at a good entry point. In reality, all the factors driving gold prices remain in play, and some are even increasing in influence.
Gold prices stand within a spitting distance of $3,000, but this round number doesn’t present any substantive barrier. In fact, many gold price forecasts for 2025 see the yellow metal above this range. SBC’s Damien White is eyeing $3,300 an ounce in the near term, and some analysts even project $4,500 by the end of 2026.
In the midst of large-scale economic and geopolitical transformations, there’s never been a more important time to learn about how precious metals can protect you. If you want to understand more about how these tangible assets can preserve your wealth through these turbulent times, request our free gold and silver investment guide. Have specific questions? We’ve got you covered! Get in touch with a precious metals advisor today via live chat.
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