By Sybilla Gross, Bloomberg News

Silver prices touched an all-time high above $52.50 an ounce, as a historic short squeeze in London added momentum to a rally that’s been fueled by surging demand for safe-haven assets.

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Spot prices rose as much as 0.4% to $52.5868 an ounce in London, surpassing a peak set in January 1980 on a now-defunct contract overseen by the Chicago Board of Trade — when the billionaire Hunt brothers attempted to corner the market. Gold also climbed to another record high, building on eight straight weeks of gains.

Concerns about a lack of liquidity in London have sparked a worldwide hunt for silver, with benchmark prices soaring to near-unprecedented levels over New York. That’s prompting some traders to book cargo slots on transatlantic flights for silver bars — an expensive mode of transport typically reserved for gold — to profit off higher prices in London. The premium was at about $1.55 an ounce in early trading on Tuesday — down from a spread of $3 last week.

Silver lease rates — which represent the annualized cost of borrowing metal in the London market — have been persistently high this year, but surged to more than 30% on a one-month basis on Friday. That’s creating eye-watering costs for those looking to roll over short positions. A jump in demand from India in recent weeks has drawn down the supply of available bars to trade in London, following a rush to ship metal to New York earlier this year after worries that the metal could be hit with U.S. tariffs sparked large dislocations between the two trading hubs.

While precious metals were officially exempt from levies in April, traders remain on edge ahead of the conclusion of the U.S. administration’s so-called Section 232 probe into critical minerals — which includes silver, as well as platinum and palladium. The investigation has revived fears the metals could be swept up in new tariffs, exacerbating market tightness.

The silver market “is less liquid and roughly nine times smaller than gold’s, amplifying price moves,” Goldman Sachs Group Inc. analysts wrote in a note. “Without a central bank bid to anchor silver prices, even a temporary pullback in investment flows could trigger a disproportionate correction, as it would also unwind the London tightness that drove much of the recent rally.”

The four main precious metals have surged between 56% and 81% this year, in a rally that’s dominated commodity markets. Gold’s advance has been underpinned by central-bank buying, rising holdings in exchange-traded funds, and rate cuts by the Federal Reserve. Demand for havens has also been aided by recurrent U.S.-China trade tensions, threats to the Fed’s independence, and a U.S. government shutdown.

On Monday analysts at Bank of America Corp. hiked their end-of-2026 price target for silver from around $44 an ounce to $65, citing persistent market deficits, elevated fiscal gaps and lower interest rates.

Investors were also weighing the outlook for the Fed’s monetary easing path ahead of the central bank’s next interest-rate decision later this month. Philadelphia’s Fed Bank President Anna Paulson on Monday signaled she favors two more quarter-point cuts this year as policy should look through the impact of tariffs in consumer price increases. Lower borrowing costs then to benefit precious metals, which don’t pay interest.

Spot gold was up 0.5% at $4,129.80 an ounce at 7:38 a.m. in Singapore, after climbing 2.3% on Monday. The Bloomberg Dollar Spot Index was flat, after gaining about 1% last week. Silver was up 0.3%, while platinum and palladium jumped.

(With assistance from Mark Burton.)

©2025 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.

Postseason seeding will be affected by several key matchups across the East Metro on the final day of the regular season Wednesday.

Our picks for some of the most consequential matchups:

Lakeville South (6-1) at Rosemount (6-1), 7 p.m.

The winner of Wednesday’s tilt will earn a No. 1 seed in the Class 6A playoffs, along with a Metro South subdistrict title, while the loser will be the No. 2 seed.

Rosemount has allowed 14 points total over its past three games, while the Cougars have scored 27-plus points in six of their seven games this season. Can the Irish slow down Lakeville South’s rushing attack? Because if the Cougars get to 24 points, there’s a strong chance they win the game.

Our pick: Lakeville South 27, Rosemount 20

Woodbury (5-2) vs. East Ridge (4-3), 7 p.m. at TCO Stadium in Eagan

This edition of the rivalry bout carries heavy stakes. With a win, Woodbury can lock up a No. 2 seed at worst in sections — opening a path that requires only two home victories to get to state — in the Class 6A playoffs, along with at least a share of a Metro East subdistrict title.

But if East Ridge, who just got starting quarterback Cedric Tomes back last week for his first start of the fall, wins, it’s anyone’s guess as to how the No. 2-4 seeds would be slotted among Woodbury, the Raptors and Mounds View.

Our pick: Woodbury 24, East Ridge 23

Minneapolis North (7-0) at Johnson (5-2), 6:30 p.m.

The rebirth of the Twin Cities Championship game. The Governors went undefeated in St. Paul play to set up a rematch with the Polars, who toppled Johnson 45-18 in late September.

Johnson has rediscovered its offensive footing since then, averaging 39 points over its last two games. The Governors will have to hit a similar number to pull the upset Wednesday.

Our pick: Minneapolis North 44, Johnson 35

Mahtomedi (7-0) at St. Thomas Academy (7-0), 6 p.m.

Ideally, these high-profile rivalry matchups would be played earlier in the season, and not the week prior to the start of the playoffs.

This bout will have no impact on section seeding, but it’s a great chance for both programs to see exactly where they are heading into the time of year that matters most.

Our pick: St. Thomas Academy 35, Mahtomedi 21

Forest Lake (6-1) at Stillwater (3-4), 7 p.m.

Forest Lake slipped up in a surprise loss to Mounds View last week, but it will cost the Rangers little if they take care of business Wednesday. That would figure to be enough to secure them a No. 1 seed in the Class 6A playoffs.

But if Stillwater can pull the upset at home, it will open the door for a potential home playoff game.

Our pick: Forest Lake 28, Stillwater 10

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Twin Cities film fans can soon level-up their watching experience when the state’s largest IMAX screen opens in Dakota County.

“Avatar: Fire and Ash” will be the first film to grace the sprawling IMAX screen at Emagine Lakeville on Dec. 19, according to a news release from the theater.

“This is our largest location in a growing community and we wanted to add the IMAX to enhance the guest experience,” said Melissa Boudreau, chief experience officer for Emagine.

At 64 feet wide and more than 36 feet tall, the IMAX screen will feature 4K laser projection, increased resolution, deeper contrast and a patented multi-channel sound system.

Located off U.S. Interstate 35 at 20653 Keokuk Ave., the theater is “a draw not only for Lakeville, but the surrounding area,” said Tina Goodroad, community development director for the city. Goodroad also noted the theater is close to local shops and restaurants like Gary’s Supper Club, Terra Garden Center and Porterhouse Steak and Seafood.

Construction of the IMAX screen is expected to start later this month, Boudreau said.

Ticket prices and showtimes for the IMAX have yet to be decided, but potential titles could include “Project Hail Mary,” “The Super Mario Galaxy Movie” and “The Mandalorian and Grogu,” Boudreau said.

“We can’t wait for audiences to experience the largest IMAX screen in Minnesota and be fully immersed in stories like never before,” said Jon Goldstein, managing partner for Emagine, in the release.

Emagine Lakeville is one of 27 theater locations from Emagine Entertainment, which operates in Michigan, Illinois, Indiana, Wisconsin and Minnesota.

Michigan-based Emagine also offers bowling, Krazy Darts and axe throwing at some of its theater locations.

Emagine’s other Minnesota locations include: Eagan, White Bear, Monticello, Delano, East Bethel, Rogers, Waconia and Willow Creek.

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By WILL WEISSERT, Associated Press

WASHINGTON (AP) — President Donald Trump on Tuesday threatened to relocate World Cup matches set to be played next year in Boston, parts of which he’d suggested had been “taken over” by recent unrest.

The city is set to host seven matches as the U.S. cohosts the 2026 World Cup with Mexico and Canada. Trump was asked about the city’s mayor, Michelle Wu, a Democrat whom he called “intelligent” but “radical left.”

“We could take them away,” Trump said of the games. “I love the people of Boston and I know the games are sold out. But your mayor is not good.”

He suggested “they’re taking over parts of Boston” without offering details, but added “we could get them back in about two seconds.”

Wu’s office did not respond to a message seeking comment.

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Trump’s comments came during his meeting with Argentina’s president and it wasn’t immediately clear what he was referring to. Earlier this month, however, there were multiple arrests in connection with a pro-Palestinian protest that turned violent on the Boston Common in which four police officers were injured.

Trump has previously suggested he could declare cities “not safe” for the 104-game soccer tournament and alter a detailed hosting plan that FIFA confirmed in 2022. It includes NFL stadiums near New York, Los Angeles and San Francisco.

World Cup host sites aren’t up to Trump. The 11 U.S. cities — plus three in Mexico and two in Canada — are contracted with FIFA, which would face significant logistical and legal issues to make changes in the eight months before the June 11 kickoff.

“It’s FIFA’s tournament, FIFA’s jurisdiction, FIFA makes those decisions,” the soccer body’s vice president Victor Montagliani said earlier this month at a sports business conference in London.

Trump nonetheless said, “If somebody is doing a bad job, and if I feel there’s unsafe conditions, I would call Gianni – the head of FIFA who’s phenomenal — and I would say, “Let’s move into another location” and they would do that.”

The president meant FIFA head Gianni Infantino, a close ally. Trump said Infantino “wouldn’t love to do it, but he’d do it very easily.”

The Trump administration has already deployed National Guard troops to Washington and Memphis, and efforts to do so in Chicago and Portland, Oregon, have sparked legal fights.

Associated Press writer Michael Casey in Boston contributed to this report.