据消息人士披露，瑞士向美国财长贝森特与贸易代表格里尔递交的机密提案中，核心内容包括将本土精 炼商的低毛利业务环节迁移至美国境内。这些因谈判保密要求而隐去身份的知情人士进一步透露，具体 操作将涉及把伦敦交易所标准规格的金锭进行重新熔铸，改造成更符合纽约市场需求的小规格金条产 品。 值得注意的是，尽管全球金价于周一突破每盎司3800美元创历史新高，但黄金精炼行业的利润率始终维 持在低位水平。历经多次所有权更迭后，当前精炼厂通过重铸金条所能获得的单位利润仍仅以数美元 计，凸显出该行业的微利特性。 今日周二（9月30日）亚盘时段，黄金期货目前交投于880附近，截至发稿，黄金期货暂报874.60元/ 克，涨幅1.50%，最高触及876.82元/克，最低下探865.08元/克。目前来看，黄金期货短线偏向看涨走 势。 打开APP，查看更多高清行情>> 【要闻速递】 为谋求特朗普政府削减上月起施行的高达39%的进口关税政策，瑞士方面创新性地推出了一项投资美国 黄金精炼产业的战略合作方案。作为发达国家中最为严苛的关税壁垒，该举措已对瑞士对美出口造成实 质性冲击，并导致其被迫调低经济增长预期。在总统卡琳·凯勒-祖特尔此前采取的对 ...

据知情人士透露，向美国财政部长贝森特及贸易代表詹米森·格里尔（Jamieson Greer）提交的提案 中，瑞士精炼商将把利润最低的业务转移至美国。这些因谈判涉密而要求匿名的人士表示，包括将伦敦 交易的金锭熔炼重组为纽约市场偏好的小规格金条。 美国财政部未回应置评请求。 SHMET 网讯：为说服特朗普政府降低上月实施的39%进口关税，瑞士提出投资美国黄金精炼产业 的方案。这项发达国家中最高的关税税率已实际冲击瑞士对美出口，并迫使该国下调增长预期。在总统 卡琳·凯勒-祖特尔（Karin Keller-Sutter）早前对抗特朗普的策略适得其反后，瑞士官员正考虑在能源至 农业等多领域作出让步。 瑞士政府拒绝就黄金产业置评，但表示"已优化对美提案以期迅速达成协议"。瑞士政府在一份声明 中称："将继续通过外交和政治交流推动尽快降低附加关税。" 当瑞士因特朗普关税陷入困境时，全球最大黄金精炼中心提契诺州成为焦点。尽管与美国的金条贸 易通常保持平衡，但在特朗普可能对黄金征税的预期下，套利机会导致第一季度出现巨额顺差，彻底改 变了贸易格局。 黄金贸易占瑞士对美第一季度顺差逾三分之二的扭曲现象，引发了对黄金行业的批评。从斯沃 ...

智通财经APP获悉，瑞士正在积极寻求与特朗普政府达成关税协议，以缓解美国对瑞士黄金进口征收的39%高额 关税所带来的冲击。这一关税为发达国家中最高水平，自上月实施以来，已经对瑞士出口和经济增长预期造成严 重压力。 黄金行业在瑞士国内具有重要的经济和历史地位，主要集中在提契诺州。瑞士是全球最大的黄金精炼中心，尽管 行业总共只雇佣约1500人，却是全球黄金供应链中的核心环节。近期金价大幅上涨，本周一现货金价一度突破每 盎司3800美元的纪录高位，但精炼厂在重铸金条过程中每盎司仅赚取几美元，利润极其微薄，导致行业对政策变 化异常敏感。 瑞士贵金属协会主席Christoph Wild表示，将黄金从英国运往美国需要经过瑞士，是一种市场低效现象。如果美 国本土的精炼能力可以提升，完全可以减少这种中转环节。但他也指出，这类投资只有在美国本土市场需求足够 的情况下才具备商业可行性，而对于低利润的重铸业务，如果没有瑞士或美国政府的财政补贴，将难以维持运 营。据悉，至少有一家瑞士精炼厂正在加速考虑赴美投资，但整体行业仍保持谨慎态度。 瑞士最大精炼厂Valcambi的首席运营官Simone Knobloch表示，由于美国市场精炼产 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 瑞士提出投资美国黄金精炼行业，以说服特朗普政府降低上个月征收的39%的进口关税。 根据该提 议，瑞士炼厂将把利润率最低的业务转移到美国，包括将在伦敦交易的金条熔化，重新铸造成在纽约受 欢迎的小金条。 瑞士政府表示，已"优化了向美国提出的条件，以便迅速达成协议"，并表示"外交和政 治交流将继续进行，以期迅速降低额外关税"。 现货黄金维持大约1.8%的涨幅，持稳于历史最高位 3832.79美元附近。 风险提示及免责条款 ...

Core Insights - The article discusses Switzerland's response to the high tariffs imposed by the U.S. on Swiss goods, particularly focusing on the significant role of gold in the trade relationship between Switzerland and the U.S. [1] - In the first seven months of this year, Switzerland exported nearly 1,040 tons of gold, with 518 tons (approximately 50%) going to the U.S., a substantial increase from 13.8 tons in the same period last year [1] - The value of gold exported to the U.S. reached 429.4 billion Swiss francs (approximately 384.64 billion yuan), surpassing the total value of other Swiss exports to the U.S. [1] Group 1: Trade Dynamics - Switzerland is exploring relocating some gold refining facilities to the U.S. to reduce its trade surplus with the U.S. and enhance local refining capabilities [1] - The current gold refining industry in Switzerland benefits from geographical advantages and established infrastructure, making relocation challenging [3] Group 2: Global Refining Landscape - China leads the global gold refining industry with 18 refineries listed by the London Bullion Market Association (LBMA), accounting for over 25% of the total [3] - Switzerland ranks second globally with five refineries on the LBMA list, maintaining a strategic position between the imperial and metric gold measurement systems [3] Group 3: Historical Context - The rise of Switzerland as a gold refining center began in the late 1960s, following the decline of London's refining industry due to the dollar crisis and subsequent gold shortages [4] - Major Swiss banks capitalized on the shift in the gold market, establishing a strong foothold in gold refining during the 1970s [4] - Relocating refining operations for short-term trade balance could jeopardize Switzerland's established position in the global gold refining market [4]

Core Viewpoint - Switzerland is proposing a comprehensive plan to address trade disputes with the United States, focusing on establishing a gold refining facility in the U.S. to tackle trade imbalances [1][2]. Group 1: Trade Dispute and Proposed Solutions - The U.S. imposed a 39% tariff on Swiss products, effective August 7, which has prompted Switzerland to seek negotiations to lower these tariffs [1]. - A key element of Switzerland's plan involves enhancing the processing capabilities of its gold industry within the U.S. to balance trade flows [1][2]. - Discussions between Swiss Economic Minister Guy Parmelin and senior U.S. economic officials have been described as "constructive," with proposals on the table [1]. Group 2: Gold Industry Focus - Switzerland, as a leading global gold refining center, is considering building a new refining facility in the U.S. or investing in existing ones to increase capacity [2]. - The Swiss Precious Metals Association has indicated that the gold industry must explore ways to mitigate the trade deficit, potentially by meeting U.S. demand domestically [2]. Group 3: Pharmaceutical Sector Considerations - The pharmaceutical industry is another significant contributor to the trade deficit, and Switzerland is developing solutions to enable local production of pharmaceutical products in the U.S. [3]. - This strategy aims to allow Swiss pharmaceutical companies to meet U.S. market demands and potentially export from U.S. facilities, thereby reversing trade flows [3]. - Concerns have been raised by the Swiss Pharmaceutical Association regarding the potential negative impact on the Swiss economy and its status as a global pharmaceutical hub if the focus shifts too heavily towards local production [3].

Core Viewpoint - The Swiss gold refining industry opposes relocating part of its operations to the U.S. due to the high tariffs imposed by the Trump administration, which could significantly harm the Swiss economy and businesses [1]. Group 1: Tariff Impact - The U.S. has announced tariffs as high as 39% on Swiss goods, which is higher than tariffs imposed on most other countries and an increase from the previously announced 31% [1]. - Switzerland exports 19% of its goods to the U.S., making it the largest export market for the country, and the high tariffs could lead to economic damage [1]. - UBS has revised its economic outlook for Switzerland, lowering the GDP growth forecast for 2026 from 1.2% to 0.9% due to concerns over tariff impacts [1]. Group 2: Trade Balance and Gold Refining - The U.S. is one of the largest trade surplus countries with Switzerland, with a trade deficit of nearly $48 billion in the first half of the year, primarily driven by gold trade [1]. - Switzerland is a major global player in gold refining, and gold significantly impacts the country's trade balance [1]. - Gold exported from Europe to the U.S. must be re-cast due to differing standards between the London market and the U.S. Comex exchange [1]. Group 3: Industry Response - Christoph Wild, president of the Swiss Precious Metals Production and Trade Association, advises against hasty decisions by the Swiss government regarding relocating refining capacity to the U.S. [1]. - Wild notes that the significant surplus in gold exports to the U.S. at the end of 2024 and early 2025 is an anomaly, driven by traders rushing to export metals before potential tariffs [2]. - Wild also states that the establishment of new refining capacity in the U.S. would have limited impact, despite the U.S. Customs and Border Protection indicating that Swiss gold bars could be subject to the new tariffs [3].

Group 1 - Switzerland's gold exports to the U.S. surged to nearly 51 tons in July, the highest level since March, highlighting trade imbalance issues that prompted President Trump to impose a 39% tariff on the country [1][3] - In the first quarter of this year, Switzerland's gold bar exports were valued at over $36 billion, accounting for more than two-thirds of its trade surplus with the U.S. [3] - The significant increase in gold exports was driven by a potential arbitrage opportunity amid fears that gold might be included in a comprehensive tariff regime [3] Group 2 - The Swiss refining industry plays a crucial role in the cross-border flow of gold, with gold being imported from South America and Africa, refined, and then exported to the U.S. [3][4] - Despite the large amounts involved in gold trade, the refining industry itself is relatively small, with only five companies producing investment-grade gold, employing only a few hundred workers [4] - The Swiss National Bank indicated that the unusually large gold exports to the U.S. should not be considered in evaluating the trade relationship between the two countries [4]

Core Viewpoint - The article discusses the potential impact of U.S. tariffs on Switzerland's gold refining industry, which is a significant player in global gold trade, and highlights the political and economic implications of these tariffs for Switzerland [3][10]. Group 1: Impact of U.S. Tariffs - The U.S. is expected to clarify its stance on tariffs related to gold and other products, which has created uncertainty for Switzerland's gold refining sector [3][10]. - Switzerland exported approximately $61.5 billion worth of gold to the U.S. in the past 12 months, significantly affecting the trade balance between the two countries [3][11]. - The Swiss government has vowed to continue negotiations for better trade agreements, but there are calls from some Swiss politicians for the gold industry to bear some responsibility for the trade issues [3][10][13]. Group 2: Gold Trade Dynamics - The global gold trade typically follows a "triangle model," where large gold bars are transported between London and New York, with Switzerland serving as a refining hub [5][6]. - Swiss refineries are facing challenges due to low profit margins and intense price competition, despite being responsible for about 20% of global gold trade [6][7]. - The refining process has seen a reversal in trade flows, with Swiss exports to the U.S. nearly ceasing in recent months [7][10]. Group 3: Political Reactions and Industry Responses - There is growing political pressure in Switzerland to address the economic impact of U.S. tariffs, with suggestions that the gold industry should compensate for losses incurred due to these tariffs [10][13]. - Some Swiss politicians propose that gold should be returned to its country of origin for transport to the U.S., reflecting a shift in trade strategy [13][14]. - The Swiss banking sector has historically supported the gold refining industry, creating a robust business network that has positioned Switzerland as a leader in the precious metals market [9][10].

Core Viewpoint - The article discusses the potential impact of U.S. tariffs on Switzerland's gold refining industry, which is a significant player in global gold trade, and highlights the political and economic implications of these tariffs for Switzerland [2][5][9]. Group 1: Impact of U.S. Tariffs - The U.S. is expected to clarify its stance on tariffs related to gold and other products, which has created uncertainty for Switzerland's gold refining sector [2][5]. - Switzerland exported approximately $61.5 billion worth of gold to the U.S. over the past year, significantly affecting the trade balance between the two countries [2][7]. - The Swiss government has vowed to continue negotiations for better trade agreements, but there are calls from some Swiss politicians for the gold industry to bear some responsibility for the trade issues [2][9]. Group 2: Global Gold Trade Dynamics - The global gold trade typically follows a "triangle model," with large gold bars being transported between London and New York, often refined in Switzerland [3][4]. - Swiss refineries are facing low profit margins and intense price competition, despite being the largest gold trading nation, handling about 20% of global gold trade [3][5]. - Recent trends show a reversal in gold flow, with Swiss exports to the U.S. nearly dropping to zero in recent months [3][4]. Group 3: Political and Economic Reactions - The Swiss precious metals industry is experiencing significant uncertainty due to changing U.S. tariff rules and domestic political backlash [5][9]. - Some Swiss politicians suggest that the gold industry should compensate for the economic impact of U.S. tariffs, with proposals for taxing the industry to offset losses [9][10]. - The Swiss banking sector has historically supported the gold refining industry, creating a robust business network that has positioned Switzerland as a leader in the global precious metals market [5][6].