Gold (GC=F) and silver (SI=F) futures jumped on Monday in the aftermath of the dramatic US capture of Venezuelan leader Nicolás Maduro.
Gold futures rose 2% to trade above $4,450 per troy ounce while silver futures gained as much as 7% to around $76 per ounce. Other metals, including copper, also gained as Maduro and his wife appeared before a judge in New York City on charges related to narco-terrorism.
President Trump has said the US would “run” Venezuela until a transition takes place and that American oil companies would spend “billions” on the country’s energy sector to tap its vast reserves.
The shift in commodities underscores a “metals war” occurring as countries move to secure critical resources and compete in the accelerating AI race.
Read more: How to invest in gold in 4 steps
Central banks have sharply increased gold purchases in recent years, particularly after Russia’s assets were frozen following its invasion of Ukraine in 2022. The precious metal notched more than 50 record highs last year.
Silver and copper also shot up in recent months as the United States added them to its critical minerals list, considered vital to the US economy and national security.
Metals insiders point to resources beyond Venezuelan oil, which the United States is keen on keeping away from China, an ally of Caracas.
“Less widely recognized is that the country also has significant gold resources and production activity, though mining operations have struggled under decades of economic mismanagement and sanctions,” David Morgan, editor of the Morgan Report, said on Monday.
Venezuela’s Brisas mine, located in the southern part of the country, holds one of the world’s largest gold and copper deposits.
The country’s output of silver is relatively small, “meaning silver prices are more likely being driven by broader macro forces than by Venezuelan supply fundamentals,” Morgan said.
At the start of 2026, China implemented export restrictions on silver, sparking growing worries of a supply shortage.
Roughly 60% of the world’s silver is used for industrial purposes, including solar panels, data centers, and EV batteries.
Gold and silver posted their best annual returns in more than 40 years last year.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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