RSS SubscribePrecious metals markets in turmoil as tariff threat sparks transatlantic scramble for gold and silver bullion
Kitco News
The threat of wide-ranging tariffs on imports – and the fear that these could apply to precious metals – has set off a mad dash across metals markets to secure physical bullion stocks on U.S. soil, creating doubt about present stockpiles and future prices.
The Financial Times reported on Wednesday evening that surging gold shipments to the United States have led to a shortage in London, with traders now amassing an $82 billion stockpile in New York. “The wait to withdraw bullion stored in the Bank of England’s vaults has risen from a few days to between four and eight weeks, according to people familiar with the process, as the central bank struggles to keep up with demand,” the report said.
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Are Americans so ignorant that they actually believe the almost one trillion dollars in tariffs Trump just imposed on imports from Mexico, Canada and China won’t cause prices to rise in the US and contribute greatly to inflation at the gas pumps and in the grocery stores? Do they know they are paying, sooner or later, that $1T out of their pockets?
Do they understand that Canadians, Mexicans and Chinese will stop buying a lot of American made products when those countries put tariffs on American imports to their country and that there will be job losses?
Rick
The Dumbest Trade War in History
President Trump will fire his first tariff salvo on Saturday against those notorious American adversaries . . . Mexico and Canada. They’ll get hit with a 25% border tax, while China, a real adversary, will endure 10%. This reminds us of the old Bernard Lewis joke that it’s risky to be America’s enemy but it can be fatal to be its friend.
Leaving China aside, Mr. Trump’s justification for this economic assault on the neighbors makes no sense. White House press secretary Karoline Leavitt says they’ve “enabled illegal drugs to pour into America.” But drugs have flowed into the U.S. for decades, and will continue to do so as long as Americans keep using them. Neither country can stop it.
Drugs may be an excuse since Mr. Trump has made clear he likes tariffs for their own sake. “We don’t need the products that they have,” Mr. Trump said on Thursday. “We have all the oil you need. We have all the trees you need, meaning the lumber.”
https://www.wsj.com/opinion/donald-trump-tariffs-25-percent-mexico-canada-trade-economy-84476fb2
#tariffs #preciousmetals #gold #silver