Tariffs and gold.

With gold exempt US tariffs, pressure on COMEX appears to have diminished, but the macroeconomic environment remains supportive and any pull-back is likely to be well bought into by investors.

Yesterday’s announcement that the US would impose large-scale across-the-board tariffs represents the largest shock to the international trade and financial system since the height of the COVID-19 pandemic, and before that the Global Financial Crisis.

Based on US imports from the top 100 countries, I estimate that excluding exemptions, the average effec…