A Global Market Based on Gold Bars Shudders on Tariff Threat
Save
The global gold market relies on a network of banks, refineries and couriers that can fly bullion between key trading hubs at a moment's notice in pursuit of the highest prices. On Friday, a shock US ruling suggesting that the metal would be subject to tariffs plunged that system into chaos.
The apparent decision by the US Customs and Border Protection agency — announced privately in a letter to a Swiss refiner on July 31 and made public Friday — sent gold futures in New York soaring to a record, as insiders warned the tariffs would have dire consequences for the market. Then, just as quickly, prices tumbled after the Trump administration suggested imports of gold bars wouldn't face tariffs after all.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
an hour ago
- Bloomberg
Oil Extends Weekly Drop as Traders Look to Trump-Putin Talks
Oil extended its biggest weekly decline since end-June as US President Donald Trump plans to meet his Russian counterpart Vladimir Putin in Alaska on Friday, raising the prospect of an end to the war in Ukraine and increased supply. Brent traded near $66 a barrel, after sliding 4.4% last week, while West Texas Intermediate was below $64. Trump didn't reveal additional sanctions on Russia or tariffs on its energy purchasers as he announced the summit, despite having declared an Aug. 8 deadline for the Kremlin to agree to a ceasefire.
Forbes
an hour ago
- Forbes
A Global Leader In Weather Intelligence For Boosting Energy Efficiency
Meteomatics is a weather intelligence and technology company that offers companies across industries—including energy, insurance, aviation and agriculture—real-time insights into localized weather patterns that directly affect their business. More than 600 companies, including Northwestern Energy, NASA, and UK Power Networks, rely on Meteomatics for weather data that can significantly impact everything from energy savings and logistics to process automation, risk management, and product design. The company's US1k weather model covers the contiguous U.S. and Gulf of Mexico at a resolution of 1 km and updates every hour, integrating data from 110+ sources, including aircraft, ground stations, drones, radars and satellites. Included in these sources is the company's proprietary Meteodrones—weather drones capable of flying up to 6 km, or 19,500 feet, above mean sea level. Meteomatics recently released its 2025 Weather Data Trends in Energy Report. Conducted in tandem with market research firm Dynata, the report surveyed 272 senior level energy executives across grid operations, utilities and energy trading, in the U.S. The report explores renewable energy's impact on them, how they are using the source in their day to day operations, and how the weather affects energy generation. The report also shines a light on other key areas where increasingly extreme weather events are affecting energy executives including those in oil, gas and nuclear, as well as what they are investing in as solutions. We interviewed Martin Fengler, CEO of Meteomatics, in August 2025. Q1. What is the main way Meteomatics is impacting the energy industry? Even a 1% difference in weather forecast accuracy can result in millions of dollars in annual economic losses. With this, power companies need to be able to accurately estimate the weather in order to determine how much energy is being generated, how much is needed to meet demand, and how much can be transmitted at anytime, anywhere. Meteomatics' weather data models deliver the highest accuracy weather intelligence to companies, from utilities to traders, making this possible. We pair hyperlocal weather data with live data from energy companies' respective power plants to deliver intra-day and day-ahead energy forecasts for solar, wind, hydropower, and offshore oil and gas platforms. Q2. Meteomatics' report shows that energy operators are worried about meeting the uptick in energy demand in the U.S. What is causing the uptick? Both communities and businesses alike are playing a part in the current spike in U.S. energy demand. On the business end, the market's growing fixation with AI is a leading cause. Major technology companies, including Meta and Google, are investing billions in AI data centers. And now the phenomenon is spreading beyond the technology industry. Blackstone, for example, announced at the Energy and Innovation Summit in Pittsburgh a $25B investment in Pennsylvania data centers, which the company stated in a press release is 'uniquely suited to serve as a strategic hub to power the nation's AI objectives'. Large AI projects require a substantial amount of power. As more companies jump on the AI bandwagon, the power grid is under skyrocketing pressure to provide the power needed for AI to run. Additionally, consumers are increasingly using more electricity amid extreme temperatures. This summer, we have already seen heat waves increase in intensity and longevity, resulting in increased customer demand. Q3. Heatwaves have a serious effect on the energy business. Why is this, and can the oil and gas industry support the heightened energy demand? From a power standpoint, the higher the temperature, the higher the cooling demand for air conditioning. The oil and gas industry helps support this heightened energy demand with gas-generated power plants, which are thermal power stations that burn natural gas to generate electricity. However, with temperatures reaching such high levels this summer, utilities need every energy resource they can get to effectively manage building demand. It's also important to note that heat affects the power grid infrastructure itself. Certain temperatures can affect the amount of power that power lines can transmit. Utilities aim to prevent overheating their lines and avoid causing outages. Q4. I've heard that temperatures exceeding 100 degrees detrimentally impacts oil refineries. Why is this and how can Meteomatics help? Refineries are typically designed to operate between 32°F and 95°F. When temperatures exceed these limits, refineries can become inefficient, shut down, or create potentially dangerous working conditions. Our weather data can help the industry plan for instances like this, ensuring the lights don't go out and nobody is in harm's way. For example, utilities can use forecasts to determine their energy distribution/trading strategy. If the temperature exceeds 95°F, they can plan to supplement the grid with additional renewable sources in case refineries shut down. Q5. The report says over half of U.S. energy executives are still looking to increase their reliance on renewable power sources, despite the challenge of daily fluctuations. How can Meteomatics assist here? Meteomatics' 1k model provides highly accurate forecasts of even the smallest meteorological events. We can identify local weather patterns within an area of 1 square kilometer, rivaling current leading weather solutions in the U.S., to provide utilities with hyper-accurate insight into the daily conditions affecting their operations. With this, companies can confidently understand how much renewable energy they'll produce that day, the next day, or in the weeks following from solar, wind, and hydropower. Companies can also better assess the energy potential of specific locations based on wind speeds or the site's solar radiation. This enhances the reliability of renewable energy sources in power grids, enabling them to be utilized cost-effectively. Q6. How do battery energy storage systems (BESS) resolve the intermittent sources of wind and solar? One main challenge our report discovered for utilities is that when there is an excess of energy produced, it cannot be efficiently stored or distributed. That's where battery energy storage systems can play a crucial role. Fluctuating generation, whether in excess or deficit, will be less of a challenge with BESS. The excess can be saved for later and then utilized when there is not enough energy being generated to support demand. Fifty-two percent (52%) of utilities plan to increase their investment in BESS solutions over the next decade. Q7. What can you tell us about weather intelligence solutions for resilience of electric power? Weather conditions can stress and damage power plant infrastructure. For example, wildfires and hurricanes specifically impact transmission lines. With hyperlocal weather data and high-resolution weather modeling, energy companies can harden the grid. This can take the form of everything from dispatching utility crews for severe storms to vegetation management to mitigate wildfires. Meteomatics is currently working with NorthWestern Energy to strengthen its wildfire risk monitoring and response capabilities. The utility is using our platform to access real-time wildfire indicators—such as wind speed, humidity, and dryness—on a subhourly basis. This enables earlier action to help reduce the risk of service interruptions and infrastructure damage. Q8. What role does weather intelligence play in energy trading? Accurate weather intelligence forecasts give energy traders the inside knowledge necessary to capitalize on market opportunities. By anticipating weather-related fluctuations in energy demand and supply, traders can optimize their trading strategies and maximize profits. For example, with Meteomatics traders can utilize weather data for forecasting natural gas and power demand. Granular weather data is used by power traders for real-time and day-ahead trading decisions across all major regional transmission organizations and independent system operators (e.g. ERCOT, PJM). The speed of ingesting various weather models via the platform during the market day is key for traders to act quickly and efficiently in response to rapidly changing prices. Q9. Are there other ways Meteomatics and weather intelligence solutions can help keep U.S. power grids stable? Weather intelligence solutions like ours can help ensure that power grids transmit energy as efficiently as possible, utilizing all available line capacity. Renewable energy distribution requires a significant amount of grid capacity, but many operators need to build more infrastructure, which takes time. Meanwhile, Meteomatics' weather data enables utilities to unlock more grid capacity than they previously thought their aging grids could support. By monitoring weather factors that affect line capacity, such as air temperature, wind speed, and wind direction, in real-time, instead of using historical data, utilities can have a much better gauge of capacity. For example, higher wind gusts can cool power lines, allowing more energy to be transmitted safely. If a provider knows the wind duration will last, they can safely funnel more power out to meet energy demand.
Yahoo
an hour ago
- Yahoo
Top Amazon sellers agree that succeeding in e-commerce in 2025 means looking to TikTok Shop: 'It's explosive'
E-commerce experts emphasize that sellers shouldn't just rely on Amazon. TikTok Shop is taking off, particularly the live selling feature. Live selling, which other platforms like YouTube and Whatnot offer, is predicted to boom in the US. The rules of the e-commerce game are always shifting. Before Amazon became mainstream, eBay was the platform to master. That's where many successful e-commerce entrepreneurs got their start, including software developer Leo Limin. When Limin started listing smart bulbs on Amazon in the mid-2010s, sales were "very easy," he told Business Insider. Building a profitable Amazon business has become increasingly difficult over the last decade, and winning strategies come and go. "Amazon keeps changing the rules," said Limin, who has responded by shifting gears within his own career. In 2018, he created a software called RebateKey that would distribute rebates on behalf of sellers looking to share their newest products with customers. "Sellers would benefit a lot from it, but then Amazon changed the rules again, and the rebates no longer worked." Limin, whose latest project is a user-generated content platform called JoinBrands, still sells on Amazon, "but mostly for staying in touch with the industry." He said it's still possible to succeed in e-commerce, but sellers need to look beyond Amazon. 'If you're not on TikTok Shop, you are disadvantaged' Limin and other e-commerce veterans agree that to stay ahead in such a competitive industry, leaning into TikTok is key. TikTok Shop is the platform's built-in e‑commerce feature, which allows users to discover and purchase products within the app. It officially launched in the US in 2023. "TikTok Shop created this ecosystem where everybody can be a seller, so everybody can become your affiliate," explained Limin. "And it's very good. It's explosive. If you're not on TikTok Shop, you are disadvantaged right now." Eugene Khayman, who also started selling on eBay before transitioning to Amazon, agrees. He built a seven-figure business selling kitchen items online, and now spends most of his time and energy working closely with elite sellers as the COO of Million Dollar Sellers (MDS). "If people are treating Amazon as their whole business, they're definitely more at risk. There are so many different verticals of e-commerce to serve," he said. TikTok Shop reminds him of Amazon in its early years. "I think that there's a lot of opportunity there," he said, and advises a hybrid approach, coupling Amazon with TikTok. Not all products are a great fit for TikTok Shop, as entrepreneur Kyle Goguen has found. He runs two brands: Pawstruck, a natural dog treats company he launched in 2014, and CRBN, a pickleball paddle company that he and his childhood friend co-founded in 2021. While Pawstruck products are listed on TikTok Shop, Goguen said the pickleball paddles are not the best fit for this specific marketplace. "A big part of it is our price point," he explained. CRBN paddles range from $180 to $280. "The nature of TikTok Shop is more of a price-conscious shopper. There are some exceptions to that, but generally speaking, it is challenging to convert someone at a high price point. That's just not how the effective videos are working unless you have a product that is just super viral in nature." He agrees that TikTok Shop is where many sellers are finding success in 2025, outside Amazon, but it comes with its own set of challenges. "It is a very, very different platform than Amazon as a marketplace, good and bad," said Goguen. "I think there is a potential faster path to success and huge growth on TikTok Shop — it is a little bit like the Wild West, like the early days of Amazon. However, it is far less repeatable and reliable than Amazon as a marketplace." TikTok LIVE selling is the 'new QVC' If you really want to get ahead in the e-commerce industry, learn the ins and outs of live selling. "It's like QVC to a new generation," said Limin. "It's people selling on a livestream. It's a skill — there are more and more creators that can do it very well — and some brands sell through thousands and thousands of items in a matter of a couple of hours, like $50,000 worth of products, for example, in two hours. But, not only that, brands are using lives now as customer support." Multiple platforms offer live selling, including TikTok, Amazon, YouTube, Instagram, and Whatnot. Live commerce is already very popular in China, said Limin, who predicts a live selling boom in the US in the next couple of years. "At JoinBrands, we are paying a lot of attention to now educating creators how to sell live because we know it is the future," he said. "If, before, the United States was telling the world how to sell, now it is China. If you look at what's happening in China, it is what's going to happen in the United States in two or three years — and, in China, live selling is huge, so I deeply believe and a lot of sellers also believe that live selling will come here and stay." Read the original article on Business Insider Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
