However,
Trump: swiss gold melts under:
American customs duties
Swiss gold melts under the threat of American taxes – Trump: swiss gold melts under
Customs duties of 39% will soon strike Swiss exports to the United States. Nevertheless, The gold sector, which delivered for 39 billion francs in the first half, is particularly targeted.
In the Foundry of Valcambi, located in Balerna (TI), the gold flows into a gross mold.
DR
- Swiss gold exports to the United States have practically dried up since April.
- Swiss gold foundries treat about half of the world’s refining capacity.
- For security reasons, gold ingots are trump: swiss gold melts under transported in the hold of regular passenger planes.
Switzerland urgently seeks solutions to escape Customs duties imposed by Donald Trump. Furthermore, As of August 7, the goods exported to the United States will be struck by a 39%tax. Consequently, The gold sector is now found in the sights of the political world. Consequently, because Switzerland delivered 476 tonnes of gold in the United States during the first half, for a value of 39 billion francs. Nevertheless, Without gold, the Swiss trade surplus vis-à-vis the United States reached 24 billion francs in the first half. Furthermore, With gold, he was twice as high. Therefore, This is what the customs data of the Confederation reveal.
Questioned by “Sonntagszeitung”. Moreover, the councils National Hans-Peter Portmann (PLR/ZH) claims measures against gold exports: “It is not acceptable that trump: swiss gold melts under the whole Swiss economy suffers because of a branch.” According to him, higher taxes should be considered for gold refineries, export customs duties, or even export bans. Moreover, Among the other proposals mentioned are the delivery of gold to the United States via London. Consequently, “withdraw gold from the trade balance”.
But why has golden demand also increased sharply in the United States? In addition, The geopolitical uncertainties and the threats of Donald Trump explain this evolution. Nevertheless, The fear that the American president would also impose customs duties on gold imports has recently increased courses. Consequently, Concerns about l’inflation And American debt also supports this increase. Similarly, Tax law «Big Beautiful Bill» De Donald Trump risks further aggravating the country’s deficit and debt. Meanwhile, In such an unstable context, gold represents a refuge value.
Institutional investors and American individuals therefore asked for physical gold at the London gold trading center. Therefore, In Europe, 400 ounce ingots (Editor’s note: 12.4 kilos) are negotiated in a standard manner. In the United States. however, 100 ounces or those of one kilo are the standard accepted by all merchants and financial services providers. A large part of gold must therefore have been overhauled.
And this is where Switzerland comes into play. The melting of precious metals poses very specific requirements due to the high cost of the material. The stable political situation, high security and the strong financial center give Swiss foundries a strategic advantage. Metalor in Neuchâtel. Argor-Heraeus, MKS Pamp and Valcambi in Ticino are therefore one of the largest gold refineries in the world. It is estimated that they bring together half of the official refining capacities in trump: swiss gold melts under the world.
Trump: swiss gold melts under
Major gold price differences
Transport, insurance and overhaul costs represent significant sums. To transport gold. the boats are too slow and not very secure, while the ingots are too valuable to travel in conventional planes. Insurance companies also limit the amount of gold covered by theft. This is why ingots are transported in the holds of commercial line planes.
But the Boom de l’Or triggered by Donald Trump has created major price differences since his election between the financial centers of New York. London and Zurich. These differences made profitable the sending of ingots to the United States for merchants.
However, such price differences never last long. The rise in gold exports was maintained six months after the start of the pandemic in trump: swiss gold melts under the spring of 2020. two months after the Russian invasion of Ukraine. In reality, the last boom has already ended, as attested by customs data. The price difference between New York. London is no longer sufficient to justify the costs of overhaul and transport to the United States.
Between December and March, more than 130 tonnes of gold were sent on average to the United States, a historic record. In April, this volume fell to the tenth of its initial value. In May and June, gold deliveries to the United States almost stopped.
The measures proposed by Hans-Peter Portmann therefore arrive too late and even prove to be illegal. The gold trade depends on free commercial circulation: no foundry can only survive with Swiss demand. Imposing higher taxes only on gold founders contravenes the freedom trump: swiss gold melts under of trade. industry, as well as the principles of equal law and prohibition of arbitrariness inscribed in the Constitution.
Exports through other countries are complicated
The other proposals do not hold the road better. The idea of delivering gold to the United States via London. by passing it for British export, goes against the strict rules in force. The Swiss gold foundries indeed mark each of their ingots with a punch and identification documents. Regardless of the delivery location, such a ingot remains “made in switzerland”.
“Go around the restrictions on the importation of investment gold via Great Britain. for example, is not achievable”, confirms Simone KnoBloch, member of the management of Valcambi SA, whose headquarters are in Balerna (TI), in the Mendrisiotto. “A tax on gold ingots made in Switzerland could therefore have repercussions trump: swiss gold melts under not only on Swiss refineries. but also on the entire world of investment gold trade.”
What to simply exclude exports and gold imports from the trade balance? The gold trade has specific treatment in commercial statistics. Only gold or investment gold is taken into account, while the gold reserves of central banks are excluded. This approach follows the standard established by the International Monetary Fund (IMF).
Switzerland’s particular approach would bring nothing
The IMF standard is based on the fact that non -monetary gold is a physical. mobile good that crosses customs borders, just like a car or a computer. Unlike financial debts. debts such as shares or obligations, gold therefore is by definition of the balance of goods, either of the trade balance.
In theory, Switzerland could adopt trump: swiss gold melts under a particular approach by excluding investment gold from its trade balance. But this approach would not bring any advantage in the conflict with the United States. since Washington continues to include it in its own calculations.
But what most criticisms of gold trade are neglecting is that in the long term. Swiss measures could even prove to be counterproductive in the conflict with the United States. Since 1988, the trade balance of the United States with Switzerland has been significantly in surplus. Over the past thirteen years, the United States has exported more gold to Switzerland than the reverse.
Translated from German by Olivia Beuhat.
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