09.08.2025 07:19
Gold futures reached unprecedented heights on Friday, driven by President Trump's unexpected imposition of tariffs on imported gold bars. This unusual move ignited a surge in safe-haven buying, simultaneously fueling anxieties about potential supply chain disruptions in a market traditionally untouched by such trade restrictions.
The most actively traded US gold futures contract soared to a staggering $3,534 per troy ounce following confirmation from US Customs and Border Protection that tariffs would be levied on both one-kilogram and 100-ounce gold bars. These tariffs effectively increased the cost of imported gold for US consumers. This cost pressure, a common market dynamic, typically elevates futures prices above spot prices, creating lucrative arbitrage opportunities for shrewd traders. Such a scenario can stimulate speculative buying activity. More significantly, it sends a powerful geopolitical message, challenging the historical perception of gold as immune to trade conflicts; it's traditionally viewed more as a currency than a commercially competitive commodity.
The impact of this decision is particularly noteworthy given Switzerland's status as the primary source of US gold imports, and its inclusion among the nations facing the highest tariff rates. A rapid escalation in import costs could significantly heighten the risk of a short squeeze, should gold deliveries from Switzerland slow. Peter Schiff, a prominent gold advocate and bitcoin critic, voiced his concern on X, warning that the tariffs could severely disrupt the COMEX market, potentially causing prices to skyrocket as short sellers scramble to cover their positions to avoid the substantial 39% tariffs on Swiss imports. He predicted premiums on all such gold bars, regardless of import status.
This remarkable gold price rally occurs against a backdrop of declining interest rates in Western economies and already elevated global trade tensions – factors historically associated with increased demand for gold as a reliable store of value during times of economic uncertainty. Interestingly, significant gold price increases have often been accompanied by gains in bitcoin, an asset some investors consider an alternative safe haven. The potential interplay between traditional precious metals like gold and digital assets like tokenized gold (e.g., PAX Gold and Tether) warrants further observation. Further research is needed to fully understand the intricate relationships between these markets.
