Gold bars weighing 1 kilogram and 100 ounces have been classified as subject to tariffs by the US Customs and Border Protection as of July 31. If this is accurate, it will create a 39% tariff on these gold bars imported from Switzerland, a major gold supplier. In the first quarter, Switzerland exported 450 tons of gold to the US, anticipating future tariffs. This uncertainty caused gold prices on the Comex to rise, increasing gold holdings. Recent events have stirred more uncertainty, impacting the market. US gold futures on the Comex soared to $3,534 per troy ounce, and the price difference between Comex and London’s spot market reached over $100. It’s essential to base financial decisions on thorough research. Past warnings highlight the high risks of open market investments, including potential complete losses. We currently see a significant disconnect between US gold futures and global spot prices. This stems from the possible 39% tariff on Swiss gold bars announced at the end of July 2025. In the coming weeks, our main focus should be on this price gap. The risk of a physical delivery squeeze on the Comex is increasing, which could push US prices higher. Reflecting on the market turmoil in 2020, logistical disruptions created a similar, temporary premium for New York gold. This week, CME Group data shows a 15% drop in registered gold stocks, recalling that period. This uncertainty makes options strategies appealing. The Cboe Gold Volatility Index has risen to 28.5, a peak not seen in three years, indicating expectations for significant price movements. We can use tools like straddles to take advantage of this volatility and profit, regardless of whether prices rise or fall. We must also prepare for a swift closure of this price gap if the tariff threat is lifted. News that the Swiss government has officially requested talks with the US is critical to monitor. A diplomatic solution or legal issue could cause the premium on Comex futures to disappear almost instantly. Keep an eye on shifts toward gold products not affected by this tariff, such as smaller bars or gold coins. This may create secondary trading opportunities outside the main 1kg bar market. We might also see spillover effects into silver, as some traders look for a more affordable precious metal alternative.

here to set up a live account on VT Markets now