Gold futures hit $3,534 after 39% tariff shock - Swiss traders explain the fallout
Key Points
- Gold prices soared to $3,534.10 due to a 39% tariff on Swiss...
Gold just hit $3,534.10 per ounce on August 8th, and it wasn't because someone discovered a new use for shiny metal. The U.S. decided to slap a 39% tariff on Swiss gold imports, specifically targeting 1-kilo and 100-ounce bars - the bread and butter of global bullion trading.
Think of it like your favorite coffee shop suddenly charging 39% more for espresso shots. Everyone panics, prices spike, and people start hoarding what they can get their hands on. Except in this case, the coffee is gold, and the shop is Switzerland.
When Tariffs Meet Reality
The announcement sent traders into what...
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