Market Impact of Tariffs - The Trump administration's plan to impose tariffs on gold bars has led to all-time high gold prices [1] - The tariffs may create price differentiation between gold markets in New York, London, and Shanghai, potentially leading to arbitrage opportunities [3][4] - The gold industry was surprised by the tariffs, as gold has not been subject to tariffs in recent times [5] - The tariffs initially appear to apply to refined gold from Switzerland, which could increase the cost of gold bars sold in the United States [6] Wheaton Precious Metals' Position - Wheaton Precious Metals is insulated from the impact of the gold tariffs because it sells on the international market [2] - The company is exploring potential pricing arbitrage opportunities arising from the tariffs [4][5] - Wheaton's US operating assets in silver and palladium are not expected to be affected by the tariffs because the product is produced and refined in the United States [10][11] - The company sees the tariffs as an opportunity to take advantage of higher pricing in the US market [12] Gold Market Trends - Gold prices have been climbing for years, with persistent strength and short-term fluctuations [8][9] - Gold is considered a "comfort metal" and is attractive in chaotic times [9]