US tariffs could reshape trade flows across all commodities; silver may outpace gold in coming months: Peter McGuire
Speaking to ET Now, McGuire said the rally is not just about Fed policy but also reflects robust consumption from industries such as electronics, EVs, solar panels, data centres and jewellery. “Silver is everywhere—from photovoltaic cells to EV batteries. But the bigger picture is decades of under-investment in the silver complex, which is now playing out in prices,” he said.
Currently trading at $41.38 per ounce, silver could move towards $43–44 if momentum sustains, he added.
Silver vs Gold: Percentage play
When asked to compare silver with gold, McGuire said he is more bullish on silver in percentage terms over the next 6–8 months. “Gold has already had a strong run-up, while silver is lagging. With the gold-to-silver ratio narrowing, silver has more room to catch up,” he noted.Gold too remains strong, with Comex December 2025 contracts trading higher by 0.74% at around $3,542, up $24. McGuire expects gold to remain firm heading into Q4 and the Christmas season, but silver could outpace it in relative gains.
Tariffs and commodity outlook
On the broader commodity outlook, McGuire warned that US tariffs under President Trump could reshape trade flows. “There will be an impact across all commodities,” he said.He expects a glut in the crude oil market by the end of Q3, likely pushing prices lower. Industrial metals, however, are showing resilience. “Copper is hovering near $10,000 a tonne and could rise further. Zinc, aluminium, tin and iron ore also warrant close attention,” McGuire added.
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With a softer US dollar, robust industrial demand, and shifting trade flows, analysts expect commodities to stay volatile but well-supported into the year-end.