08 August 2025: 09:30 BST
Trump back on his favourite hobby -after golf- tariffs! He likes them, doesn’t he? Yesterday, he announced tariffs on 1kg and 100-ounce gold bars, a sudden blow to Switzerland, the world’s top gold refining hub. Switzerland exported $61.5 billion in gold to the US in the 12 months to June. But gold is fungible, so Switzerland will export the offending gold bars elsewhere, which will then export their own, or melt it, or whatever. Why is Trump doing this stuff? It does not matter; the price of gold went up. In our opinion, Trump or no Trump, gold is still a buy.
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