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Yahoo
3 days ago
- Business
- Yahoo
US Imposes Tariffs On Swiss Gold Imports, Threatening Global Bullion Market—Peter Schiff Tells Buyers To 'Better' Do This Now
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The United States has imposed tariffs on Swiss gold imports, a move that could significantly disrupt the global bullion market. US Tariffs Hit Swiss Gold Bar Exports Worth $61.5 Billion The Customs Border Protection agency's July 31 ruling places one-kilo and 100-ounce gold bars under a customs code that carries levies, reported the Financial Times. This decision contradicts the industry's prior expectations that these gold bars would be classified under a different code that is exempt from tariffs. One-kilo gold bars, which are the most commonly traded form on Comex, the world's largest gold futures market, constitute a significant part of Switzerland's bullion exports to the U.S. Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, said the new tariff ruling has delivered "another blow" to Switzerland's gold trade with the U.S. Trending: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — Switzerland, the world's largest refining hub, exported $61.5 billion worth of gold to the U.S. in the year ending June 2025. This amount would now face an additional $24 billion in tariffs under Switzerland's 39% tariff rate, which took effect Thursday. The new tariff ruling has caused uncertainty among Swiss gold refineries, with some temporarily reducing or halting shipments to the U.S. Swiss Economy At Risk Amid High Trump Tariffs The U.S.'s decision to impose tariffs on Swiss gold imports comes on the heels of a contentious phone call between Swiss President Karin Keller-Sutter and President Donald Trump. The U.S.'s new tariff rates of 39%, have put immense pressure on the Swiss government. Switzerland's failure to secure a trade deal could result in a significant impact on its GDP, as the country faces some of the highest tariff rates on its exports to the US. The recent decision to impose tariffs on Swiss gold imports further complicates the situation, potentially leading to a significant disruption in the global bullion May Push Gold Buyers Toward Smaller Bars, Coins Noted economist Peter Schiff stated with tariffs hitting 100-ounce and kilo bars, demand is expected to shift toward smaller bars and coins, likely driving their premiums higher as investors seek to sidestep the tariffs. He also expects Trump to extend the tariffs to cover smaller bars, so it's wiser to purchase them now before you risk paying extra. On a year-to-date basis, Invesco DB Precious Metals Fund (NYSE:DBP) and SPDR Gold Trust ETF (NYSE:GLD) surged 28.28% and 27.59%, respectively. Read Next: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image via Shutterstock This article US Imposes Tariffs On Swiss Gold Imports, Threatening Global Bullion Market—Peter Schiff Tells Buyers To 'Better' Do This Now originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
4 days ago
- Business
- Daily Mail
Donald Trump tariff sends gold to record high
Gold prices soared to record highs after Donald Trump slapped tariffs on bars of the precious metal. In a shock move that blindsided the bullion market, US officials ruled that one kilo and 100 ounce bars should be subject to import duties. US gold futures hit a record of 3.535 per troy ounce in Friday trading after an FT report revealed the plans. Markets expect the price to continue to rise, prompting shares in London-listed miners Fresnillo and Greatland Resources to rise by 1.6 per cent and 3.8 per cent respectively. Reports that gold bars will be hit by tariffs were a huge blow to Switzerland, the world's largest gold refining hub, which was already reeling from a 39 per cent levy imposed by Trump. One-kilo bars are the most popular form of the metal traded on Comex, the biggest gold futures market, and make up most of Switzerland's bullion exports to the US. Switzerland exported £45.7billion of gold to the US in the 12 months to June. This would be subject to a further £18billion in levies under Switzerland's 39 per cent tariff rate – which came into effect on Thursday. Swiss officials this week met US counterparts in an unsuccessful bid to have the tariff rise overturned. It was unclear yesterday whether other types of gold, such as the 400 troy ounce bar used in London, will be subject to tariffs. It was also not clear when levies on gold would be imposed and if they applied to exports from all countries. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'Even safe-haven assets are not immune to the volatility unleashed in the confusion of the tariff age. 'Gold had been shining as a shelter amid the trade storm, but the bullion market has been blindsided by a specific threat of duties on gold bar imports into the US, sending US futures prices soaring to record levels. 'But it's also a reminder for investors to remain wary,' she added. 'Investing in gold is far from a one-way bet. It's often risen in times of economic or political crisis. It has also a history of losing its lustre. 'The tariff will definitely disrupt gold trade and Switzerland will bear the brunt of it.', Zain Vawda, an analyst at Market Pulse, said. 'The move could also create supply bottlenecks which could push up the price of spot gold.' Bob Haberkorn, market strategist at RJO Futures, said: 'I think you will see elevated safe-haven demand and heightened uncertainty on US gold supply. I expect gold to remain elevated until more information comes forth from the Trump administration on the 39 per cent tariffs relating to gold kilo bars.'
Yahoo
4 days ago
- Business
- Yahoo
Gold Futures Hit Record High After Tariff Report
Gold climbed to a fresh record high on Friday following a report that the U.S. slapped tariffs on imports of one-kilo gold bars, a move that threatens to disrupt the global bullion market. In midday trade, futures rose 1.1% to $3,490.80 a troy ounce after reaching a peak of $3,534.20 earlier in the session. Intel's CEO, Under Attack From Trump, Is Already at Odds With His Board Trump Shakes Up Wall Street With Orders on 401(k)s, 'Debanking' 'I Feel Like I'm Going Crazy': ChatGPT Fuels Delusional Spirals Disney Settles Suit With Actress Dismissed From 'The Mandalorian' Five Things to Know About the Intel CEO's Links to China The tariffs on one-kilo gold bars—the most common form traded on Comex—deal a fresh blow to top refining hub Switzerland, the Financial Times reported, citing a letter from U.S. Customs and Border Protection. CBP didn't immediately respond to a request for comment sent outside of U.S. business hours. Gold's rally is also driven by concerns over the global economic outlook after President Trump's new tariffs came into effect Thursday and weak U.S. data spurred bets that the Federal Reserve will soon cut interest rates. According to the CME Group's FedWatch tool, traders currently see a 89.4% probability that the Fed will cut its benchmark interest rate by 25 basis points in September. Meanwhile, Trump nominated Stephen Miran to fill a vacancy on the Fed's Board of Governors on a short-term basis. 'Miran is the architect of Trump's tariff policy, with the market viewing the appointment as a tilt to a more dovish monetary policy,' analysts at ANZ said. Write to Giulia Petroni at Apple Got the Jump on Tariffs, Deciding Years Ago to Make iPhones in India This Battery Pioneer Is Worth $40 Billion, but He's No 'Rich Guy' Meta's Superintelligence AI SWAT Team Is Now Called TBD Lab OpenAI Unveils GPT-5, Its Latest and Most Powerful Model, After Two-Year Wait Trump Calls on Intel CEO to Resign Over China Ties Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Russia Today
4 days ago
- Business
- Russia Today
US slaps tariffs on gold bars
The US has imposed tariffs on imports of gold bars, according to media reports on Friday, citing a notice from Customs and Border Protection (CBP). Analysts say the decision could harm Switzerland's gold refining sector and shake up the global bullion market. According to the Financial Times, which first broke the story, CBP stated in a July 31 ruling letter that 1kg and 100-ounce gold bars – the most commonly traded formats – should fall under a customs code subject to tariffs. The reported move brings gold bars under US President Donald Trump's new tariffs, which target dozens of trade partners, including Switzerland. Trump imposed a 39% tariff on Swiss goods last Friday after rejecting Bern's offer of a 10% tariff in exchange for $150 billion in US-bound investment. When the tariff campaign began in April, some commodities – including certain bullion types – were exempt. The CBP ruling, issued in response to a Swiss refinery's request, said 1kg and 100-ounce bars are considered 'semi-manufactured' goods rather than 'unwrought, nonmonetary gold,' the only exempt category. Switzerland is the world's largest gold refining hub, and bullion is one of its biggest exports to the US. Traders told Bloomberg it's unclear whether the tariffs are already in effect. Some said CBP may have erred, calling the decision 'shocking' and likely to face legal challenges. 'We never ever thought that [gold bars] would be hit by a tariff,' Robert Gottlieb, a former JPMorgan Chase metals trader, said. Christoph Wild, the president of the Swiss Association of Manufacturers and Traders of Precious Metals, told FT the ruling 'deals a blow' to Swiss-US gold trade, saying the widespread belief had been that 'remelted bullion was tariff-free.' Experts say the fallout could disrupt the global bullion market. Gold is often used as a safe store of value during times of political and financial uncertainty. It has seen a historic rally this year, rising 27% since the end of 2024. Following the FT report, gold futures in New York hit an all-time high, with December contracts climbing to $3,534 on Friday morning.
Yahoo
5 days ago
- Business
- Yahoo
US Sparks Fresh Turmoil in Gold With Surprise Import Tariff
(Bloomberg) -- A US move to put tariffs on imports of one-kilogram and 100-ounce gold bars is unleashing fresh turmoil in the global bullion market and threatening to upend trade flows from Switzerland and other key refining hubs. All Hail the Humble Speed Hump Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Major Istanbul Projects Are Stalling as City Leaders Sit in Jail What England's New National Cycling Network Needs to Get Rolling The US Customs and Border Protection agency has clarified that the gold bars face tariffs and are not exempted as the industry had initially understood, according to people familiar with the matter, who asked not to be identified. The decision was first reported by the Financial Times. Gold futures in New York surged to a record high, as traders, analysts and executives across the industry were left reeling. The move could upend global trade flows from Switzerland and other key trading and refining hubs including London and Hong Kong. Switzerland's gold exports have become a flashpoint in its trade negotiations with the US, after a surge in shipments earlier this year caused the US's trade deficit with the country to spike. Traders and analysts are scrambling to understand the situation — whether the tariffs are already in force, if they apply to all countries, or even how they might be avoided. Some questioned whether the dramatic change could be an error on the CBP's part, and suggested it may be subject to legal challenges. Bullion traders had expected gold bars of one kilogram and 100 ounces to be exempt from Trump's other tariffs, including the shock 39% country rate he put on Switzerland. But the CBP decision instead placed those items under customs codes that are subject to levies, according to the FT, which cited a letter that laid out the ruling. 'Gold is moved back and forth between central banks and reserves around the world,' said Robert Gottlieb, a former precious metals trader and managing director at JPMorgan Chase & Co., referring to the bars. 'We never ever thought that it would be hit by a tariff.' The Trump administration has delivered many shocks as it builds a complex patchwork of different US import tariffs launched for varying reasons at different rates. Last month, US copper futures crashed after the White House unexpectedly spared refined metal — the most widely-traded product — from a 50% levy. Managers at two major gold refineries in Asia, who did not want to be named discussing sensitive information, said they are pausing shipments to the US until there is more clarity on the tariffs. One-kilo gold bars are the most common form traded on Comex, the world's largest gold futures market, and comprise the bulk of Switzerland's bullion exports to the US. The levy will add to troubles for Swiss President Karin Keller-Sutter after Trump handed Switzerland the highest country tariff among developed nations. She made an emergency trip to Washington on Thursday aimed at swaying the White House, but came away empty-handed after being denied a meeting with Trump. Dramatic Change The latest ruction adds to a tumultuous year for gold, and drove a spike in the premium of gold futures in New York over international prices on Friday. Contracts for December delivery jumped to a premium of more than $100 an ounce above the global benchmark for spot prices in London, as investors bet on the tariffs snarling imports. Imports and exports for all countries are classified by an intricate system of codes that are used to set the scope of any levies. The CBP letter, according to the FT, said the gold bars fall under code 7108.13.5500 rather than the non-tariffed 7108.12.10 as expected. That classifies them as a 'semi-manufactured' rather than 'unwrought' type of gold, according to the US International Trade Commission's website. It's unclear whether other types of gold bars, such as 400-ounce bullion that's the most-traded in London, will be subject to tariffs. If not, those could simply be shipped to the US and recast into one-kilogram blocks, said a manager of a major refinery, who declined to be named as they are not authorized to speak publicly. Such a scenario would still render the CME contract unviable, according to Nikos Kavalis, managing director at consultancy Metals Focus Ltd. 'The gap between the spot price and the futures price will be prone to issues of capacity. I just don't see that as being in anyone's best interest,' he said. 'I suspect that this is a misunderstanding or an error on the part of the customs authorities, or if not an error, let's say a poor assessment. I suspect it'll be legally challenged or lobbied.' --With assistance from Yvonne Yue Li. The Pizza Oven Startup With a Plan to Own Every Piece of the Pie Russia's Secret War and the Plot to Kill a German CEO Digital Nomads Are Transforming Medellín's Housing It's Only a Matter of Time Until Americans Pay for Trump's Tariffs The Game Starts at 8. The Robbery Starts at 8:01 ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
