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The price of both gold (TVC: $GOLD ) and silver have soared to fresh all-time highs as the standoff between the U.S. and Europe over Greenland intensifies.

Gold's price was up 1.74% to $4,675.40 U.S. per ounce on Jan. 19. At the same time, silver's price was up nearly 6% to $93.34 U.S. an ounce.

The increase in prices come after U.S. President Donald Trump threatened new tariffs on eight European countries until America is allowed to purchase Greenland.

Gold and silver tend to perform well in periods of heightened uncertainty and geopolitical turmoil.

The metals are seeing increased buying by both investors and central banks as the standoff over Greenland intensifies.

The tariffs over Greenland follow the U.S. capturing the Venezuelan president on Jan. 3 and taking control of that country's oil industry.

Trump has also threatened military strikes against Iran amid that Middle Eastern country's crackdown on civil unrest.

All the turmoil continues to drive prices for gold and silver to record levels. Many analysts now forecast that gold will rise above $5,000 U.S. an ounce and silver break above $90 U.S. per ounce.

Other base metals also continue to see their prices rise sharply, notably copper. Copper's price is up 0.62% on Jan. 19 and trading at $5.868 U.S. per ounce, near an all-time high.

Over the weekend, Trump said that eight European countries would face increasing tariffs, starting at 10% on Feb. 1 and rising to 25% on June 1, if a deal is not reached allowing the U.S. to acquire Greenland, which is a semi-autonomous territory of Denmark.

The new tariffs would apply to Denmark, Norway, Sweden, France, Germany, the United Kingdom (U.K.), the Netherlands, and Finland.

The European Union is said to be considering an aggressive economic response to Trump's latest threats over Greenland.