Gold hit a new record high on tariffs, but Trump corrects the misinformation.
New Record High
Reuters reports US gold futures hit all-time high on tariff uncertainty over bullion imports
U.S. gold futures hit a record high on Friday amid uncertainty over whether country-specific U.S. import tariffs would apply to the most commonly traded sizes of gold bars.
Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, according to a ruling on the U.S. Customs and Border Protection service’s website, which would be a major blow to global supply chains for the metal.
“Gold’s panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age,” Susannah Streeter, head of money and markets, Hargreaves Lansdown.
“If there is follow through and no intervention, this could threaten New York’s dominance in the gold futures market, given prices have risen sharply compared to other trading centres,” she added.
Swiss goods are subject to U.S. import tariffs of 39%, and the country is continuing discussions with the United States about reducing the levies.
Some gold refineries, including a large Swiss entity, have paused deliveries of bullion to the United States due to uncertainty, two sources familiar with the matter told Reuters.
Misinformation on Gold Tariffs
Bloomberg reports White House to Clarify Misinformation on Gold Tariffs
The Trump administration suggested it would issue a new policy clarifying that imports of gold bars should not face tariffs, after the US government stunned traders by ruling that they would be subject to duties.
The White House intends to post an executive order in the near future to clarify what an official called misinformation about the tariffing of gold and other specialty products. The official detailed the plans Friday on condition of anonymity.
Spot gold and futures prices on New York’s Comex fell after the White House statement.
Industry figures had previously understood that bars would be exempt from President Donald Trump’s so-called reciprocal tariffs, including a 39% on goods from Switzerland, a major exporter of the precious metal. But when a Swiss gold refiner asked about it, US Customs and Border Protection ruled that one-kilogram and 100-ounce gold bars are subject to the levies, according to an agency letter.
Gold has a unique role as a financial asset and global currency, making it different than copper, steel and aluminum — other metals that have been hit by Trump’s tariffs. Shipments were freezing up in response to the decision that gold imports would face US duties, traders said earlier Friday.
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A tariff on gold imports would drive a wedge between the Comex price in NY and the price in London and Hong Kong and ultimately would eliminate the Comex market altogether (Comex is dependent on 1 kg bars made only in Switzerland by refiners who get their gold from London). The cost of re-refining gold is around $100 per ounce – far less than the $1300 or so that the tariff would raise.
At first glance, it looks like nothing, but Switzerland managed to carve out 70% of the gold refining business. Amazing, as the processes are not particularly environmentally friendly.
Evidently, the premium is the Swiss stamp on the gold bar.
I think I can pre-graph any topic that has Trump’s attention (and the related asset values, and blood pressure of anyone invested): just paste his signature on the graph.
At least someone still recognizes gold has a special place with the central banks
Typical Day as a Hedge Fund PM
6:00 – Wake up, check what Trump tariffed overnight. Cambodia up +200%, Paraguay -3% (they said thanks).
6:05 – Brew some coffee.
6:10 – Trump tweets that the laws are rigged, since he cannot tariff Arizona. Mentally scroll the portfolio for exposure…
6:15 – Check what happened in Asia and Europe.
6:22 – Trump announces that hot dogs will join the food pyramid. Bans hot dog exports. Fortunately our book dodged that one.
6:30 – Drink some coffee, talk to wife, pray Trump will spend the morning golfing so I can do some actual work….
6:31 – Trump announces that oil at $65 is too high. Threatens anyone who isn’t producing more oil.
6:32 – Top 5 position announces earnings, want to join the earnings call at 7am, but Trump just scheduled a press conference then, and he’s looking unpredictable.
7:02 – Trump announces that Japan can now export golf balls tariff-free, in honor of Abe letting him cheat at golf. Join the earnings call instead.
7:06 – Futures plunge 65 handles in a single tick, frantically leave the earnings call and go back to whatever Trump is still yapping about in his press conference.
7:10 – Scroll through premarket quotes. NVDA and PLTR are both up 5% b/c it’s a day ending in ‘Y’ but SPZ are now down 80 handles.
7:15 – Trump changed his mind and SPZ are now up 25 handles as everyone rushes to cover their short. (I re-join the earnings call)
7:30 – Some broker I’ve never heard of just downgraded a top 5 position and it’s down 15% on 300 shares traded. I’m pretty confident it will close around there too. (I crack open a beer as I skim his downgrade report, realizing that nothing productive will happen today…
8:00 – An LP calls to remind me of some ShitCoin he recommended that’s now up 1800% since he recommended it.
8:09 – 10-yr bonds gap down 17 bps, but all I can find is a tweet from Bessent about how great Main Street is doing.
8:15 – Some sell side asshole cold-calls me to see if I want a copy of his upgrade report on the AI sector. Tells me that “it’s going to be big and you don’t want to miss it.”
8:20 – Check my email, do 10 minutes of actual work. 8:30 – Trump threatens Brazil, I realize our BZ exposure is gonna get thumped on the open. (Crack open a 2nd beer)
8:33 – Reminisce about how productive I was, since Biden wouldn’t even wake up until noon.
8:40 – Chat with my CFO for 19 mins about some new compliance form we need to file.
8:59 – Trump Tweets about how stupid Powell is. Futures are back down 30 handles.
9:04 – Join a call 4 mins late with an endowment that wants an update, but 100% will never invest. “BTW – we need you to update the DDQ as we’ve changed our format”
9:29 – Casino is opening. Let’s see what happens.
9:32 – I’m bored. Go back to reading emails. Turns out the govt created another new form we ALSO need to fill out…
10:00 – We’re actually up 50bps.
10:03 – Now down 175bps. Trump just threatened to bomb Europe.
10:06 – Tweets he was just joking about Europe. But those guys need to get their shit together bc he might still bomb them.
10:08 – Ready for bourbon. Beer won’t cut it…
10:30 – EIA oil inventory shows yet another massive draw. Oil drops 5% anyway.
10:40 – Don Jr’s latest SPAC rallies 300% on rumors it may launch a new ShitCoin
10:45 – Friend calls to cry about how cheap all his names are. We both agree we were idiots to invest in businesses with earnings.
11:22 – Trump reminds everyone about how much Putin likes him.
11:40 – Realize I’m now too tweaked to sit in the office. Turn off the machines and go get lunch with a friend who’s also gonna bitch about how stupid markets have become.
12:05 – Hostess at restaurant pitches me some ShitCoin. Claims she’s up a few million on it
12:07 – Friend starts bitching about how stupid it is to be an investor under Trump, and how we all made money under Biden. I agree with him, but we both agree it would be even stupider under Kamala…
courtesy of:
https://x.com/hkuppy/status/1953257568865751059
So working from 6 to 12, most of it reading news or chatting, making loads of money thanks to Trump, avoiding doing anything useful.
How can America not be great?!
You guys should write for South Park.
You do know that a time could come in this country when your head is on a spike for posting this dreck. 🙂
https://www.zerohedge.com/news/2025-08-07/fed-openly-discusses-gold-revaluation
Fed Openly Discusses Gold RevaluationGlobal Cases of Gold-Based Fiscal ReliefContents
TACO!
Imo trump will drop the tariffs on gold. Because he does not want to tax the wealthy.
On a different note. Expect the new census from old data is actually to legitimize texas redistricting. And population change in district numbers. Not that i feel illegals vote. But my understanding they count to numbers.
Republicans may find illegals are in their districts more than big cities. Think farm country.
Gold is widely used in electronics due to its excellent conductivity and resistance to corrosion, ensuring reliable connections and long-term performance. It’s primarily found in circuit boards, connectors, and switch contacts, and also used in wire bonding and semiconductor components.
Here’s a more detailed look:
Key Applications:
Gold is used to plate connector pads and traces, enhancing conductivity and preventing signal degradation.
Connectors and Switch Contacts:
.
Gold plating on connectors and contacts ensures reliable, low-resistance connections and prevents corrosion.
Bond Wires:
.
Gold wire is used in chip packaging for its conductivity and ability to form strong bonds.
Semiconductor Components:
.
Gold plating can be applied to semiconductors like transistors and chips to improve conductivity and protect them from environmental factors.
Memory Chips and CPUs:
.
Gold is used in these components for its conductivity and reliability
Gold hardly used at all because it is too expensive.
But yes, it would otherwise have amazing properties
You alright?
Stop the presses, Trump corrected actual misinfo!
He’s either lying or doesn’t know what he’s talking about… so this would be the latter.
Gold FUTURES hit a record high. Live price is still only $3397.
“only $3397”?
LOL…
The futures were apparently $3450
xxx