New record high
Trump plans tariffs on gold bars – gold price shoots up
This is a surprise for the industry: Donald Trump now apparently wants to take gold bars with tariffs. This is especially bad news for a country.
According to a report by the “Financial Times”, the USA is also planning import duties on gold bars. The newspaper reported that bars are affected by one kilo and 100 ounces. While the gold price in London was not moving, there was a significant increase in the prices for scheduling business in New York. In the meantime, the quotes climbed to over $ 3,530 and thus up to the highest level for months.
Golding business business relates to the trade at a fixed time in the future. In this way, they reflect the expectations of the investors how the value of the precious metal will develop.
As the “Financial Times” continued, the tariffs would mainly make deliveries from Switzerland. The newspaper has a message from the customs authority of Customs Border Protection Agency (CBS) of July 31, after which gold bars with a weight of one kilo and those with a weight of 100 ounces are documented.
One-kilo bars are the most frequently traded format on the New York appointment exchange Comex. These bars make up a large part of Swiss gold exports to the United States. In Switzerland, the size formats common in London are often converted into the sizes common in New York.
Gold price rose sharply even without Trump’s tariffs
“Gold bars of this size, which are imported from Switzerland to the USA, would be occupied by 39 percent with an inch,” said Commerzbank analyst Carsten Fritsch. This sentence – one of the highest tariffs raised by Washington – had already come into force on Thursday for many goods from Switzerland. As the “Financial Times” continues, Switzerland delivered gold worth $ 61.5 billion to the USA in the twelve months to June. According to the report, this amount would be due to such a quantity of $ 24 billion.
The gold price has already been strongly expensive since the beginning of the year. Already in April he had sometimes reached a record high of over $ 3500. Customs on gold “would have serious consequences for the gold market,” said Fritsch.
According to the newspaper report, the notification of the US COTTAL authority contradicts the previous expectations of the industry, according to which precious metals, which are melted by Swiss refineries and exported to the USA, can be introduced. The Swiss Federal President Karin Keller-Sutter and Minister of Economic Affairs Guy Parmelin had tried to reach a decrease with a trip to the United States, but in vain.
AFP
CL
Source: Stern
