Core Insights - Switzerland's gold exports to the U.S. experienced a historic drop in August due to a temporary tariff decision by the U.S. government, leading to market panic [1][4] - The U.S. imposed tariffs on 1-kilogram and 100-ounce gold bars, causing Swiss gold exports to plummet from over 30 tons in July to just 0.3 tons in August, a 99% decrease [1][4] - The overall Swiss exports to the U.S. fell by 22% month-on-month, with gold exports dragging down the total performance [4] Export Dynamics - The tariff decision resulted in a significant decline in Swiss gold exports, with total gold exports decreasing by 19% to less than 105 tons in August [4] - In contrast, gold exports to China surged more than twofold to 35 tons, indicating a rapid adjustment in supply chains [4] Supply Chain Vulnerability - The incident highlighted the fragility of the global gold supply chain, as Swiss refineries play a crucial role in converting European gold into U.S. standard products [4] - The disruption in Swiss gold exports not only increased procurement costs in the U.S. but also raised concerns about potential short squeezes in the COMEX market [4] Government Response - Although the Trump administration eventually exempted gold bars from tariffs, the Swiss government initiated contingency plans, including proposals to establish refining facilities in the U.S. to balance trade flows [5]

Group 1 - In July, Switzerland's gold exports to the United States surged to nearly 51 tons, a 169-fold increase from less than 0.3 tons in the previous month, marking the highest level since March [1] - Overall, Switzerland exported 129 tons of gold in July, representing a year-on-year increase of over 50%, with a total export value of 4.4 billion Swiss francs [1] - For the first seven months of the year, Switzerland exported nearly 1,040 tons of gold, with 518 tons going to the U.S., accounting for nearly 50% of total exports [3] Group 2 - The World Gold Council reported that global gold demand reached 1,249 tons in the second quarter of 2025, a 3% year-on-year increase, driven primarily by strong investment inflows [3] - Switzerland is the largest gold refining and trading center globally, refining 50% to 70% of the world's gold annually [4] - The Swiss gold industry has established a solid reputation since the late 1960s, adhering to strict quality standards under a specialized Precious Metals Law [4] Group 3 - Concerns arose regarding potential tariffs on gold imports to the U.S., with a previous decision by Trump to impose a 39% tariff on Swiss imports, although it was later clarified that gold would not be taxed [6] - The Swiss Precious Metals Manufacturers and Traders Association expressed that imposing tariffs on gold would significantly impact trade between Switzerland and the U.S. [6] - The Swiss National Bank indicated that changes in trade balance driven by gold should be interpreted cautiously, as they reflect global factors rather than changes in the Swiss economy [7]