00:00As President Trump's tariffs sink in and hit American trade partners at various levels,
00:05one product appears to be a sacred cow, gold.
00:10The president said on Monday that gold will be exempt from tariffs.
00:14The move coming just days after U.S. Customs and Border Patrol indicated
00:17that gold bars coming into the U.S. from Switzerland would face levies.
00:22Trump posted messages on Truth Social Monday saying,
00:25tariffs are making our country strong and rich, followed by gold will not be tariffed.
00:31According to Precious Metals online retailer J.M. Bulliam,
00:35gold began Tuesday at a price of $3,353 per ounce.
00:40CNBC reports that U.S. Customs had ruled that 100-ounce gold cast bars
00:45were subject to the reciprocal tariffs that it went into effect last week.
00:50The new tariff rate on imports from Switzerland is now 39 percent.
00:54The Swiss Precious Metals Association said Friday,
00:57quote, we are particularly concerned about the implications of the tariffs for the gold industry
01:02and the physical exchange of gold with the U.S.,
01:06a longstanding and historical partner for Switzerland, end quote.
01:10But that decision is now reversed.
01:13Gold is often viewed as a reliable source of value and form of currency
01:17when traditional markets appear unstable or shaky.
01:20Prices traditionally rise during times of high inflation
01:23and can help investors reduce risk in their financial portfolio.
01:28The market could be affected by a critical economic report that came out Tuesday morning.
01:33It revealed that inflation was slightly lower in the U.S. in July than analysts expected,
01:38increasing at an annual rate of 2.7 percent.
01:42For more unbiased updates, download the Straight Arrow News app or go to san.com.
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