Latest news with #SwissPreciousMetalsAssociation
Yahoo
2 days ago
- Business
- Yahoo
Commodity-Backed Cryptocurrencies Hit 5-Year Minting Record Over Gold Trade Turmoil
Commodity-backed cryptocurrencies, which are dominated by gold-backed tokens, have seen a historic surge in issuance this week, with minting volumes hitting their highest point in at least five years. The leap comes after gold futures traded above a $3,500 all-time high this week, after the Swiss Precious Metals Association warned that the U.S.'s 39% tariffs on Switzerland could have 'negative impact" on the international flow of physical gold. Both gold spot and futures fell after the initial surge, when a White House official told Bloomberg that the President would introduce a policy clarifying that imports of gold bars should not be subject to tariffs. Invest in Gold American Hartford Gold: #1 Precious Metals Dealer in the Nation Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Thor Metals Group: Best Overall Gold IRA That didn't stop gold-backed tokens from being minted, however. The warning also saw gold-based cryptocurrencies, including Tether Gold (XAUT) and Paxos Gold (PAXG), briefly top $3,390 before receding. Minting volumes, per data, reached $439 million over the week, more than doubling the previous $195 million record seen in 2021. These tokens, which are backed by physical reserves held in vaults, allow investors to gain exposure to the precious metal and can be transferred instantly on-chain without crossing borders. Switzerland, which refines a large share of the world's gold despite having no mines of its own, exported more than $61 billion worth of the metal to the U.S. over the past year. The move has triggered a political backlash in Switzerland, with some lawmakers calling for the gold sector to shoulder part of the economic fallout. The precious metal makes up over a quarter of Switzerland's exports, per Swiss National Bank data.
CNBC
4 days ago
- Business
- CNBC
Gold futures trade off highs as White House to issue clarification on bullion tariffs
Gold prices fell from a record high Friday after the White House said it will clarify "misinformation" about the precious metal facing tariffs. "The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products," a White House official told CNBC. Gold futures fell from an all-time closing high of $3,491.30 on the White House statement. The precious metal was last trading at $3,463.30 The Swiss Precious Metals Association warned earlier Friday that U.S. tariffs on gold bars "may negatively impact the international flow" of the precious metal. "We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland," said Christoph Wild, president of the Swiss Precious Metals Association. President Donald Trump has imposed a 39% tariff on Swiss exports to the U.S. Switzerland is the largest refiner of gold in the world. U.S. Customs and Border Protection apparently clarified this week that that 1 kilogram and 100 ounce gold bars are not excluded from the tariffs. "It must be noted that this clarification does not apply exclusively to Switzerland but to all 1kg and 100oz gold cast bars imported into the USA from any country," the Swiss Precious Metals Association said.
Al Etihad
4 days ago
- Business
- Al Etihad
Swiss Precious Metals Association concerned about US tariff on gold bars
8 Aug 2025 18:09 ZURICH (Reuters) The Swiss Precious Metals Association on Friday said it was concerned about the increase in tariffs on gold exports to the United States to 39%."We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the US, a long-standing and historical partner for Switzerland," said Christoph Wild, president of the Swiss Association of Manufacturers and Traders in Precious bars of 1kg and 100oz were previously exempt from US tariffs, but now country-specific tariffs apply. The US imposed tariffs of 39% on Swiss imports on Thursday.
