US imposes tariffs on one-kilo gold bars

HalfDime

"The United States has imposed tariffs on imports of one-kilo gold bars, the Financial Times reported on Thursday, citing a letter from Customs Border Protection.

The letter - dated July 31 - said one-kilo and 100 ounce gold bars should be classified under a customs code subject to levels, according to the newspaper, which added that the move could impact Switzerland, the world's largest refining hub."

The potential application of U.S. tariffs on imports of one-kilo gold bars would have a profound impact on the global bullion market, says Commerzbank Research’s Carsten Fritsch. According to a Financial Times report, the U.S. Customs Border Protection agency said in a ruling letter that gold bars weighing one kilogram and 100 ounces should be classified under a code subject to levies.
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Just melt down the bars into smaller ones.

taxmad

Now we know why all the smaller gold coins/bars were being melted...

derryb

wonder the effect on COMEX vault inventory?

derryb

@HalfDime said:

Just melt down the bars into smaller ones.

COMEX (futures market) deals only in 100 oz and 1K gold bars. There's some irony somewhere in this, likely not a coincidence.

MrEureka

It’s a CBP ruling letter, which is a reply by a single CBP employer, written to a single importer, and it’s most likely simply wrong. Now being reported as a change in policy, because sometimes it really is fake news.

tincup

It may be a short term duration... or not.

MrEureka

There is zero chance that anyone will choose to import Swiss gold if it is being tariffed. Too easy to buy it elsewhere. Too easy for the Swiss to sell it elsewhere. Even Trump would understand and admit that. This has to be fake news.

blitzdude

Just sell in denominations other than 1Kg / 100ozt. RGDS!

RedneckHB

Fastest reversal yet!!

blitzdude

@RedneckHB said:

Fastest reversal yet!!

Dude you so just read my mind! I was coming here to post must be TACO™ newz. lol RGDS!