8月初，美国某机构裁决明确将1公斤和100盎司金条（美国最主流交易规格）纳入对等关税征收范围，这一突 如其来的政策冲击瞬间让全球黄金市场陷入混乱。黄金出口近乎停滞，海关数据显示瑞士8月对美黄金出口量 从上月的30余吨暴跌99%至仅0.3吨。 AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 欧洲主要黄金精炼中心瑞士对美国的黄金出口在8月遭遇历史性暴跌，起因是美国一项临时加征金条关税的裁 决引发市场恐慌。 尽管白宫迅速回应称将"澄清关税相关误解"，美国总统特朗普更于黄金征税传闻出现的一周后在社交媒体明确 表态"黄金不会被征税"，但金条关税豁免直至9月初才正式生效，黄金贸易链才逐步恢复运转。 作为全球最重要的黄金精炼枢纽，瑞士目前面临着发达国家中最高的39%美国进口关税。今年一季度创纪录的 360亿美元黄金出口，占瑞士对美贸易顺差的三分之二以上。 关税政策的冲击在8月数据中全面显现：经季节性调整后的瑞士对美总出口额环比下降22%，其中黄金出口量 暴跌直接拖累整体表现。瑞士联邦海关总署数据显示，8月黄金出口总量环比减少19%至不足105吨，但对中国 出口量却激增两倍多至35吨，折射出供应链的紧急调整。 这场 ...

Core Viewpoint - A seemingly technical tariff adjustment by the U.S. Customs and Border Protection (CBP) has triggered significant turmoil in the global gold market, highlighting the fragility of the gold supply chain and the impact of policy uncertainty on market confidence [1][4]. Group 1: Market Reaction - Following the tariff announcement, the premium of New York gold futures over London spot prices surged to $125 per ounce, reflecting market panic over potential supply chain disruptions [7]. - New York gold prices reached a historic high of $3534.10 per ounce, while London prices remained stable around $3396.04, indicating a significant price disparity [7]. - Historical data shows that when the COMEX futures premium exceeds 2%, it has previously led to strong price recoveries in the spot market within 1-3 weeks, as seen in April 2020 [7]. Group 2: Policy Implications - The White House intervened shortly after the market reaction, labeling the CBP's tariff decision as "misinformation," which indicates internal policy confusion and has led to a rapid decline in gold prices [9][10]. - The inconsistency between government agencies has heightened market uncertainty, raising questions about the reliability of U.S. policy [12][13]. Group 3: Supply Chain Vulnerabilities - Approximately 90% of industrial gold is refined in Switzerland, making it a critical hub in the global gold supply chain, which is now seen as overly concentrated and vulnerable to geopolitical risks [4][12]. - The recent events may prompt a reevaluation of the reliance on a single refining center, potentially leading to a more diversified supply network in the future [15]. Group 4: Investment Sentiment - The turmoil has led to a shift in sentiment among investment institutions, with even traditionally bearish firms like Citigroup adjusting their gold price targets upward to $3500 per ounce [12]. - The current climate of policy uncertainty may enhance gold's status as a safe-haven asset, as investors seek stability amid fluctuating market conditions [12][13].