White House Refuses to Confirm Rumors Regarding Gold Coins
In a move that could have far-reaching implications for the global economy, the U.S. has imposed tariffs on imported gold bars, specifically those weighing 100 ounces or more. This decision, announced in August 2025, could disrupt the dominance of Switzerland in the gold market, a country that is a major hub for gold refining and bar production.
The tariff, set at 39%, imposes a substantial cost on gold imports into the U.S., potentially limiting Switzerland's ability to sell refined gold at competitive prices in the U.S. market. This could lead to reduced Swiss market share, pushing refiners and dealers to seek alternative sources or methods.
Switzerland, the world's largest gold refining and exporting center, is expected to be significantly impacted by these tariffs. The tariff may lead to increased costs for importing gold into the U.S., potentially causing damage to the global supply chain connecting trading hubs in London, New York, and Swiss cities.
The tariff on gold bars may have a ripple effect on other countries and industries, including the precious metals market and global supply chains. The uncertainty and instability created by these tariffs could lead to volatility in gold prices, as evidenced by the all-time high of $3534 reached on August 8, followed by a drop to $3458.2 on the Chicago Mercantile Exchange (CME) the next day.
Two Swiss refineries have temporarily scaled back or suspended U.S. shipments in response to the tariffs and the resulting uncertainty. The Financial Times and CNN were among the first to report on the potential disruption that these tariffs could cause to the global gold market, particularly in Switzerland.
The White House has planned to issue an order to clarify misinformation about tariffs on gold bars and other special products. However, the predominant stance as of August 2025 is that this 39% tariff on large gold bars is in effect and impactful.
It is worth noting that gold is typically viewed as a safe-haven asset in the market. The tariffs on gold may have unintended consequences for the global economy, particularly in countries heavily reliant on gold exports, such as Switzerland.
[1] Source: Customs and Border Protection notice dated July 31, 2025 [2] Source: Customs and Border Protection notice [3] Source: Various news reports from August 2025
The 39% tariff imposed on large gold bars may put Switzerland's gold market dominance at risk, as refiners and dealers might seek alternative sources to compete at affordable prices. The Financial Times and CNN have reported on the potential disruption caused by these tariffs in the global gold market, notably in Switzerland, a major gold refining and exporting center.
