Illya Gerasymchuk
Entrepreneur / Engineer
it's mostly 100oz/1kg gold bullion markers that will be affected - so you're looking at futures
expect a larger basis trade (futures price higher than spot), which will eventually close down
with tariffs in place spot is being pushed up towards futures
gold tariffs means more upside price pressure
US tariffs don't apply to all gold imports - only to 100 oz and 1 kg bullion bars, which are mostly used for CME/COMEX futures
400 oz London Good Delivery bars are tariff-free - those are used by dealers, central banks and ETFs
