Gold spot back under $3400

[Lemon Thrower]

The U.S. put a 39% tariff (a tax) on certain gold bars (1 kg and 100 oz) that come from Switzerland. These specific bars are the exact ones used to settle gold futures contracts on the COMEX, the main U.S. gold exchange. Switzerland is the world’s biggest gold refiner, and a large portion of gold going to COMEX comes from there.

[68Camaro]

There is some confusion about whether the tariffs will be applied to reprocessed gold bars, or not. Some think they have been exempted, others are concerned they will not be.

[pmbug]

Looks like it may have been an errant interpretation of admin policy...

https://www.ft.com/content/c2868087-995 ... 82437f603a

[shinnosuke]

The U.S. put a 39% tariff (a tax) on certain gold bars (1 kg and 100 oz) that come from Switzerland. These specific bars are the exact ones used to settle gold futures contracts on the COMEX, the main U.S. gold exchange. Switzerland is the world’s biggest gold refiner, and a large portion of gold going to COMEX comes from there.

<quote from X.com>
Stack Hodler @stackhodler
The Trump admin told us they were looking to acquire Bitcoin with a "budget neutral" strategy.

Well, they may have just found one:
Engineer a short squeeze on gold, revalue the gold holdings at the peak, and buy BTC.

70% of the world's gold is refined in Switzerland.

So what happens when you slap Swiss exports with 39% tariffs, including the gold bars that New York-based Comex accepts for deliveries?

Suddenly the gold shorters in the United States have a much harder time sourcing gold to cover their positions.

Which means they need to buy existing spot or futures, driving the price higher.

An aggressive short squeeze could force gold towards $6,000 an ounce.

Which would allow the US to revalue its holdings to ~$1.5 Trillion, which would then be deposited into the US Treasury's account.

What could they buy with that $1.5 Trillion?

A ton of Bitcoin.

Are the strange 39% tariffs on Switzerland (nearly the highest in the world) a tactic to force a gold short squeeze so they can revalue their holdings and acquire a dominant BTC position?

Let's see. <end quote>

[pmbug]

Shinnosuke - not everything is about Bitcoin. The Lummis bill hasn't even passed the Senate.

[Cu Penny Hoarder]

What could they buy with that $1.5 Trillion?

A ton of Bitcoin.

STOP hijacking PM threads with your blipcoin bullsh*t!

[shinnosuke]

Shinnosuke - not everything is about Bitcoin. The Lummis bill hasn't even passed the Senate.

Sure it is. You guys will catch up someday.

[coindood]

What could they buy with that $1.5 Trillion?

A ton of Bitcoin.

STOP hijacking PM threads with your blipcoin bullsh*t!

Amen!

I'm for banning crypto discussions from the forum entirely.

[Cu Penny Hoarder]

What could they buy with that $1.5 Trillion?

A ton of Bitcoin.

STOP hijacking PM threads with your blipcoin bullsh*t!

Amen!

I'm for banning crypto discussions from the forum entirely.

Yup. The mods should've done this a while ago. Why they won't do it is beyond me. Perhaps if more members spoke up about it.

Another question is why this guy is pushing blips so hard here? Who is this guy trying to convince?... himself?

[shinnosuke]

If Bitcoin didn't exist, would there be higher demand for gold as an investment or as an inflation-fighter? The answer is obviously "yes." Bitcoin is obviously soaking up some go gold's demand with its market cap of $2 trillion. Then in any discussion about the current price of gold, in which most here have a vested interest, and since this thread in particular is focused on price, Bitcoin is certainly germane. STOP acting like you're the wicked witch in The Wizard of Oz getting drenched with water every time the word Bitcoin appears in a thread. As much as Realcenters might like for Bitcoin to disappear by clicking their collective heals together three times, it's here to stay. Do you freak out, type in all-caps and use profanity when the scarcest medium of exchange that shall not be named is mentioned on teevee?

Acting irrationally only encourages me.