Aug. 7, 2025, marked a turning point for bullion. That’s when President Donald Trump‘s new tariffs on one-kilogram gold bars entered the books, a move that could split the global bullion market in two and potentially set the stage for a seismic shift in U.S. monetary policy.
- GLD ETF is moving fast. Check the chart here.
The U.S. has slapped tariffs of up to 39% on imported kilobars and 100-ounce gold bars, hitting Switzerland — the world’s largest refining hub — hardest.
Here’s an explainer of what Trump’s move could mean for the gold market — and why its impact might stretch far beyond bullion trading, potentially shaping the future of U.S. fiscal and monetary policy.
Trump’s Tariffs Put Sand In The Bullion Engine
According to Ross Norman, CEO of Metalsdaily.com, “imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well functioning engine.”
Gold traded in New York, about 1,000 tonnes a year, was instantly re-priced at least $100 higher per ounce, creating a $3.2 billion overnight windfall for holders.
The gap between London spot prices and New York futures has already widened beyond $100 and could, according to Norman, stretch to several hundred dollars.
Swiss bars may soon trade at a discount, while non-Swiss bars fetch a steep premium. Traders see a new level of risk …