Golden Bull Rush. Manic Metals Report 08/08/2025

Gold prices have gone through the roof! A new US decision to add tariffs on imported gold bars is causing quite a stir in the bullion market as reported by the FT and Bloomberg  caused prices in New York have jumped, as dealers everywhere get ready for some big changes in how gold moves around the world. Some say the move could cause gold to hit $5000 on once as Switzerland,  is the world’s largest gold refining center, processes about 70% of the world’s gold. Its trade data significantly affects the US-Swiss trade deficit due to the huge flow of gold.

US Customs and Border Protection recently clarified that both one-kilogram and 100-ounce gold bars are now subject to reciprocal tariffs that were put in place by President Donald Trump. This wasn’t what many in the industry originally thought, and the news, first reported by the Financial Times, has certainly caught everyone’s attention.

As a result, gold futures in New York—which rely on these types of bullion—have climbed to record highs. The decision could shake up shipments from Switzerland and other major trading centers like Hong Kong and London, which are now offering gold at a much lower price than the US.

People in the gold industry are hurrying to figure out all the details, including whether the new rules will also apply to the larger 400-ounce bars that are standard in London, and what these changes mean for big gold-producing countries. The impact could be so significant that some are even wondering if this might be a mistake by Customs and Border Protection—and it’s possible there will be legal challenges ahead.

Kitco News reported that

News that China’s central bank continues to add to its gold reserves and more-bullish near-term technical postures in both gold and silver recently are boosting both metals today. December gold was last up $17.70 at $3,451.00. September silver prices were last up $0.438 at $38.34.

Guess what? There’s even more excitement swirling around the gold market! Kitco reported that China’s central bank is on a gold-buying spree, adding to its reserves for the ninth month in a row—and that’s giving gold and silver another big boost today. December gold just shot up to a sparkling high of  $3,534.10, and September silver is looking bright too, up $0.438 to $3887.50.

The People’s Bank of China bumped its gold stash up by 60,000 troy ounces in July, bringing its treasure trove to a whopping 73.96 million troy ounces. That’s about 36 tons added since November! This wave of buying from central banks—China leading the charge—is a huge part of why gold prices are up 30% this year. While the gold rush looks set to keep going, things might slow down a touch since prices are already so high. Either way, it’s a thrilling time for gold-watchers everywhere! Time to start melting down your teeth and selling your Rolex.

And of course long term central bank buying has been the key to the sustained bull market on gold as well as tight global supplies we’re still frustrated that silver continues to underperform and at some point silver will be the best buy but the stigma attached to silver seems to be very heavy and it seems that some banks will stop at nothing to keep silver from going up. Yet we still believe that if silver closes above 40 it will be a much quicker ride to $50.

Copper is trying to get over the shock when president trump pulled the rug out from under them after exempting some tariffs on copper yet this sideways move suggests that a major move is coming on copper either to the upper downside depending on how we break out of the trading range fundamentally the big picture would suggest that we should break out on the upside for a major upside move but at the same time we have to be cautious because of the uncertainty surrounding tariffs.

Bloomberg News reports that President Trump’s new copper tariffs will affect over $15 billion in imports, including a 50% duty on semi-processed products like wires, tubes, and rods—worth $7.7 billion last year—and cabling for communication. The US copper market is evaluating the impact of these tariffs, which aim to boost domestic production.

You can also get answers to all your futures markets questions by just calling 888-264-5665. You can also email me – Phil Flynn – at pflynn@pricegroup.com and make sure that you get signed up for my Daily Trade Levels. It’s also a great time to open up your trading account—do that today.