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On August 8, U.S. customs officials ruled that gold imports from Switzerland were subject to President Donald Trump’s earlier announcement of 39% “reciprocal tariffs” on the country.
In response, market panic set in, with fear of gold scarcity in the U.S. raising the price of the precious metal by 2.6% — reaching a new all-time high of $3,487.90.
The Swiss Precious Metals Association immediately released a statement on the matter, noting that it “may negatively impact the international flow of physical gold.”
Here’s how Trump responded.
As Trump’s base loves gold, Trump quickly announced on Truth Social on August 11 that “Gold will not be Tariffed!” easing shortage fears and dropping the price of gold back down by 2.48%.
While the announcement was welcome news to Swiss trading partners, the Swiss Precious Metals Association, knowing how swift Trump can be to reverse course, was quick to make it clear that they want this decision made official outside of a social media post.
“President Trump’s statement is an encouraging signal for trade stability,” Christoph Wild, president of the ASFCMP, said in a statement.
“However, only a formal and binding decision will provide the certainty the gold sector and its partners require.”
While Trump’s main priority in office thus far has been imposing tariffs on countries, his love of gold is well-documented, which might provide insight into his rare tariff exemption.
Trump’s chosen decor is rife with gold toilets, gold seat-belt buckles, gold silk-lined bedroom walls and an Oval Office dripping in gold.
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When interviewed about Trump’s obsession with the gaudy hue, color psychologist Jill Moore once told Marie Claire that gold can “symbolize greed and excess.” Gold has long been tied to wealth and status. It also has strong associations with royalty and monarchy, according to Robin Givhan, the senior critic-at-large at The Washington Post.
“There is an elitist point of view that would look at the way he’s decorated the Oval Office and say that it looks very nouveau riche,” she told Michel Martin, the host of NPR’s The Morning Edition.
“And then there are those who could also look at it and say that it’s simply an exuberant celebration of success.”
Read more: Nervous about the stock market? Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
Now that the price of gold has returned to stable levels, it might be a good time to invest.
The metal has remained a solid investment among the tariff turmoil, and with this exemption coming, gold could be poised to remain steady. Before Trump’s Truth Social post, JPMorgan had estimated that gold would strike $3,675 per ounce by the end of 2025. As it stands, the price of gold is pacing just behind the firm’s Q3 prediction of $3,515 per ounce.
If you’re looking to explore gold as an investment, consider American Hartford Gold American Hartford Gold.
Gold IRAs allow savvy investors to hold physical gold and gold-related assets within a retirement account. Combining the tax advantages of an IRA with the protective benefits of investing in gold could provide a safer option for those looking to hedge their retirement funds against all the tariff chaos.
You can also roll over existing 401(k) or IRA accounts into a gold IRA without receiving tax-related penalties. Curious to learn more? Get your free 2025 information guide on investing in precious metals.
Even better? Qualifying purchases can also receive up to $20,000 in free silver.
Trump’s affection for gold isn’t just limited to the physical metal. Since January, the administration has repeatedly signalled an interest in what Trump would call “digital gold” — or cryptocurrency, specifically bitcoin.
On July 18, Trump signed the GENIUS Act into law. The act lays out an initial framework for the regulation of stablecoin, or coins tied to a more stable asset like fiat currency, as well as some consumer protections. Following this, Trump opened up American 401(k) retirement plans to alternative assets, including crypto, by executive order on August 7.
If you’re interested in exploring crypto as an alternative asset, you can get started with Coinbase. The exchange allows you to trade a variety of coins, including staples like bitcoin and ethereum.
Coinbase provides real-time order books so you can track the market with confidence. They also keep your keys in cold storage, or offline, until you need them for a transaction.
Given crypto’s risky nature, it’s a good idea to take precautions when you’re making trades. A cold wallet is typically the best place to store your core assets, while trades or purchases can instead be made through a hot wallet, or one connected to the internet. Try to keep only as much as you need in your hot wallet, much like limiting the amount of cash in a checking account if you’re using a debit card while travelling.
And the best part? Coinbase also offers up to $200 when you sign up with a new account. All you have to do is verify your account details and make a trade within one year to qualify.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
