Gold has long been seen as the ultimate neutral asset — untouched by political manoeuvring. That illusion just cracked.
🗓️ On 31 July, US Customs and Border Protection reclassified one-kilo and 100-ounce gold bars — two of the most traded formats in the professional market — under a customs code subject to import tariffs.
Until now, these bars have entered the US tariff-free. The new classification means higher costs for importers, thinner margins, and — most importantly — a redirection of global bullion flows.
Switzerland, which refines about two-thirds of the world’s gold, sits directly in the firing line. Swiss kilo bars have been a staple for US investors and banks, but tariffs will make them less competitive compared to bars refined in tariff-exempt countries or domestically in the US.
📰 This story first caught my eye in the Financial Times this morning — and it underlines a bigger shift already underway: more bullion flowing East, less into the US.
Why This Matters for Swiss Wealth Managers
For Switzerland’s independent wealth managers, the implications are strategic. If even gold can be “weaponised” in trade disputes, Swiss neutrality, political stability, and world-class custody services are more than just marketing points — they are tangible advantages for global clients.
Holding and managing gold outside politicised jurisdictions protects more than wealth. It preserves flexibility in a world where trade policy can shift overnight.
When even gold is in the crossfire, neutrality becomes a competitive edge.
Source: LinkedIn
