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 This is the type of stuff that can cause another global financial crisis. And if it does, the people that don't have gold and silver are the ones that are going to get hurt. And the people that do have gold and silver are going to be uh benefiting tremendously. [Music] Hey, it's Mike and Allen again with the Gold Silver Show. Alan, how are you doing? >> Great, Mike. Yeah, I mean the US has uh implemented a 39% tariff on everything coming out of Switzerland. That has affected gold and that has affected the

price of gold. So in this video, I want to basically tell what that story is, look at prices and see what do we think is going to happen next based on the dynamics of the market. So here's some of the news. Trump places tariffs on 1 kilogram and 100 ounce gold bars. This decision could upend the global bullion market. All right. What are your initial impressions, Mike? >> Uh, well, uh, my initial impressions are that this could end up upending a lot more than that. He's pertabbating the

global economy, you know, perturbing it into a series of giant bubbles. To me, this could all end up uh worse than the Great Depression. there is that you know that's there's a bell curve of probabilities maybe it won't happen but the world economy is actually in a very delicate state right now especially the bubbles in the US and to like wake up in the morning and the tariffs are this amount the next morning they're that amount the next morning you know it's where did all this come from

and where is Congress that's what I want to know where is Congress uh they are supposed to be doing this uh you know it was Roosevelt that started uh all of these executive orders uh you know really took advantage of it uh but this is like a whole new level the stuff that uh that the president is doing now and um it doesn't seem to be it it the the impression that I get is that these things are on a whim this is very very dangerous so go on with the the presentation But >> um this can affect uh you know if it

affects the commodities exchange exchanges that's one thing if it affects the uh banking system uh because you know we're talking about gold being a tier one asset as a reserve. So so go ahead. Yeah >> exactly. Um one other thing I'll mention here is that one kilo bars are the most common form traded on comx. So, this is definitely uh popular. So, there's definitely going to have some big effects here. So, moving right along, how has the price of gold reacted? Well, gold prices officially surge above

$3,500 an ounce and ech enter record high territory. This puts gold prices up 43% over the last 12 months, more than doubling the S&P 500's return. So, look at this. Just absolutely vertical on this news. >> Yeah. >> Cool. It's um right now those are futures so that's not the spot price but uh this was uh did you say this was for December? >> Um I didn't say but it is for December. Yes. >> Oh okay. >> It is these are December futures. So I do have another chart of that in just a

second. Um so someone on Twitter uh Le Lena asked Grock, can you explain what happened? And I thought this was a nice summary so I decided to include it include it. The US imposed tariffs on imports of 1 kilo gold bars and 100 ounce bars from Switzerland. That's the world's top refining hub via customs border protection, CBP. This disrupts global bullion trade flows. Okay, super disruptive. It spikes gold futures. Okay, price spikes. We just saw that. And it could force closures of short EFP

positions exchange for physical, raising funding costs and dehypothecating collateral under Basil 3 rules. It's seen as a strategic blow to shadow banking leverage. Okay, so a lot of things going on, a lot of effects. It basically affects everything because everything's all interconnected and it's not it's not pretty. It's not good for anybody. >> The one thing I want to point out is that it's seen as a strategic blow to shadow banking leverage. This is the kind of stuff that happened with

collateralized debt obligations and this is what triggered the global financial crisis back in 2008. The leverage that's in the system and so perturbing uh the global economy with all of these, you know, every morning the tariffs seem to be different. uh and countries are scrambling trying to figure out how they're going to continue how their economies are going to be able to continue with or wi with these tariffs or without them with us as a buyer. Uh this is really uh doing something to the

and and this could be a trigger because it's so monetary. Now, we're talking about stuff that's traded on the commodities exchange, and we're talking about a uh central bank tier one asset. So, let's move on. >> Excellent. >> Exactly. So, again, December futures, you can see that the price spiked. I think this was maybe 6:00 p.m. or something uh Thursday night and has since come down a little bit, but the high was 353410. 353410. So, that was that high there. And we also have a monthly chart where

you can see the price spike compared to what's been going on the last 30 days. Again, 35 3410. So, record high. >> So, >> was that with the announcement from the um the what was the acronym for the uh >> CBP? >> CBP. Yeah. >> Yeah. This was this the CBP clarity. Yes, exactly. >> Okay. So, they said something and gold spiked. Okay. >> Yeah. They said we are definitely applying that tariff to the two size gold bars coming out of Switzerland. Whereas for the past week it was a

little bit unclear. So I'll I'll present that timeline in just a second. >> Okay. >> But one of the questions here is well how how important is the gold coming out of Switzerland? Are they a major importer to the US or not so much? And if you look at the most recent data from May of 2025, you can see that Switzerland imported almost one ton out of roughly 12 tons to the US. >> So >> the US imported that wrong >> that much from Switzerland. Yeah, >> sorry. Of of the US gold imports of 12

tons about one ton comes from Switzerland. >> So that's maybe 8% which doesn't sound like that much for that particular month. However, if you look at every month for the last 25 months as I did and I put this chart together, you see it looks like this. So May most recently, not a big deal. That's what we just looked at. But earlier this year, December, January, February, March, huge inflows. And on balance, all the gold from Switzerland, all the red here, accounts for 46% of the gold that the

United States imported, it came from Switzerland. And the rest of only 54%. So this is almost half the bill that the US is getting. >> Well, we've been co we we were covering December, January, February, March uh in depth when that was happening. And um you know, it was in February, I believe, that Trump started talking about auditing Fort Knox or maybe it was January, but that it was only for about two or three weeks and then they stopped. and these this these huge spikes in imports of gold into the United States

uh happened and it's not just Switzer Switzerland is the red part but look at how big the blue bars are as well. We were we just suddenly turned into this huge importer of gold for those four months. Uh now I read uh some articles uh saying that uh bla blaming this on uh Trump's talk of tariffs that they wanted to frontr run the tariffs. I don't think that was it at all. I think this is ending all of the rehypo rehypotheation of uh central bank gold and uh replacing what was actually missing because it was

leased out. So, they're unwinding leases. They're uh restocking Fort Knox, and an audit will be on the table in the future of Fort Knox. That that probably will end up happening eventually, but they had to stop mentioning it. Uh, you know, who knows? But the stuff was probably missing because we do know that central banks lease gold. That is a fact. Okay. >> Exactly. So, yeah, the one takeaway here, I mean, aside from the whole Switzerland business and the 39% tariff, to your point, Mike, there was a

long-term trend here of maybe 20 or 30 tons imported per month and then all of a sudden it went over 350. I mean, like an order of magnitude, 10 times as much. So, I do think that uh the US is getting ready for a new monetary system. I don't know if we're ever going to get a real audit of of Fort Knox and the other other facilities. If we do, it'll be a fake one again like in the 70s in my opinion. Yeah, a photo op. Okay, >> exactly. So, let me just zoom in here on the January bar because uh it is pretty

significant. So, in January of 2025, Switzerland was over 220 tons out of a total of 373. That's about 59%. So, in that particular month, January of this year, Switzerland imported 59% of the gold that the US got that month. So, a big player in those months. Um but as you can see, winding down lately. So significant there. And I did pull up this Mike because I know you wanted to point out the difference between unrock gold and gold coins and so forth and the various flows in and out of Switzerland.

>> Uh go back to your last chart for a second that mentions all the countries and some of the countries like Australia gold producer. They also produce uh the Perth Mint coins as well though. Uh Canada gold producer. They also produce uh the Canadian maple leaves. Hong Kong not a gold producer. Uh I don't know if there's any refineries there or not. Mexico gold producer. Singapore not. South Africa producer. When you look at some of these months, you see an awful lot that comes from Canada and other

gold producing countries. Uh and um I think that this total also includes aura basically the unrotal so you're talking about door bars that are you know they're uh not even 98% par they're they're far lower. So move on to the next ones and um uh this is going by year and this is Swiss gold imports divided imports/exports with the United States and so um the imports to the United States and the exports from imports from Switzerland land from the United States to Switzerland is on

the top. Exports from Switzerland to the United States on the bottom uh the middle I mean and then the net is on the bottom and you know if we are the blue on the top is almost all unrot gold. So what's going uh from the United States into Switzerland is mostly ore or or it is bars that don't meet certain requirements on the exchanges that have to be melted and recast. That's one of the one of Switzerland's main jobs as a gold hub. Yeah. So, uh, when you look at those other charts, there is a lot of gold coming

from countries that actually mine gold and, uh, it's passing through the United States on its way to Switzerland. >> Yeah, I believe >> I I think you're correct, too. I certainly don't have any evidence to the contrary, and that drives with uh my understanding of it as well. So, >> yeah. >> Yeah. So, uh, okay. U, by the way, a lot of those charts or pretty much all those charts come from gold charts are us. Uh, and this website is made by Nick Leairard. He does a phenomenal job. And

for the next couple weeks, he said he's opening it up for free. So, ordinarily you need a a paid subscription to view a lot of those charts, but he said that he's opening up for free for the next few weeks. And if you go to this URL right here, um, you can access all those charts and more using these tabs across the top. >> Yeah. So, goldcharts rs.comgoldcharts.php. >> Yeah. And I think you do have to type all that out because I tried accessing it just from the normal homepage and I

couldn't get there. But when I typed out the full URL, I could. >> So, so hopefully that works for you guys. >> Yeah. >> All right. So, moving right along here. There was an article in the Financial Times. The US hits 1 kilo gold bars with tariffs in blow to refining hub Switzerland. And there's one chart from this article that I wanted to to share with you guys. Gold futures hit all-time high in New York. And you can see here the divergence in price this year between the futures price and spot gold.

It's widening uh to an unprecedented level. Like normally it's very very tight throughout the whole year and here it's widening by over $100 per troy ounce. >> Wow. >> Yeah, this is really upsetting the monetary apple cart. >> Go ahead. >> It's a good good way to put it. The monetary apple cart. >> I love it from Make Gold. Silver and gold shorts chaos. Shorts will have to rush to cover before the 39% tariffs bite. Well, this is one way to revalue gold.

>> Yeah, it's one way to destabilize things, too. We don't know uh what can be the final uh straw that breaks the camel's back. Uh but, you know, watch the big short movie again because something happens. It's just like one thing that finally pushes it over the ed over the edge. And we've had all of this uh disruption of the global economy with tariffs going up and then down and and changing daytoday. So, okay. >> Yeah. And the one thing I'll say about this before we move on, keep in mind

when you hear the phrase revalue gold, and I know Mike, you and I use that phrase as well. It's you're really you really can't do anything to gold because gold is is kind of untouchable. All you can do is devalue your own currency. So you can just devalue the dollar >> faster or by a greater quantity. So yeah, you can devalue the dollar as quickly as you want. Um, so that's really what's what's at stake here. Um, so anyways, what is going on at the White House? Well, I went to the the

website here and found the actual press release of the tariff. This came out the last day of July. So, for the past week, there's been uncertainty on would this 39% tariff on Switzerland apply to these particular gold bars or not because all these different gold products fall under a different category. And so, there was kind of confusion there. And if you dig in a little bit further, you find that um yes, Switzerland uh has a 39% tariff and so on except for products described in headings blah blah blah blah and

except for headings blah blah blah blah. So you can look up what all these codes are. You can just Google them. It's actually pretty easy to see. I don't want to get into the weeds on any of that. The point is different gold bars fall under different categories. And so the president of Switzerland actually went to negotiate with Trump and try to get clarity and I mean obviously I wasn't there but I think Trump's just like no get out of here. Uh you know something something like that. So I

think he just wasn't having any of it. And so CBP Customs Border Protection basically came out and said yes those two types of gold bars do fall under this 39% uh tariff jurisdiction. So that's that's the news we got on Thursday. So that's how this all came about. And so obviously markets are uh volatile. They're crazy. And then the Wall Street Journal publishes something Friday afternoon saying the White House will clarify the gold tariffs. So So maybe maybe not. Maybe we're not going

to have 39%. In that article, President Trump President Trump will soon issue an executive another one. We've got, you know, 10,000 executive orders clarifying which tariffs apply to imports of gold bars. A White House official said after CBP found them to be eligible for the high levies um blah blah blah. Let me jump to the bottom paragraph. The president intends to issue an executive order in the near future clarifying misinformation misinformation about the tariffing of gold bars and other

specialty products. Uh so Mike, I don't I don't know. It might it might be a 390 39. >> Just absolutely insane. Uh yeah, it'll be like 390. Uh it'll it'll go back to zero most likely. Uh so this whole week ramping up to this and this spike there may be there's probably no reason for it. I can't imagine uh putting a 39% tariff on companies that are the the gold is just passing through basically and those refineries have a profit margin of like half a percent or less. It's just there's there they can't

absorb 39%. which means that either uh gold has to spike by 39% suddenly here in the US at least any you can't have Swiss gold be different than everybody else's gold this is just really tough to figure out and this kind of back and forth back and forth you know the um I I keep on wondering where is Congress in all of this Why aren't they even commenting on all of these executive orders? Uh, in 1930, the Smoot Holly tariffs were one of the things that helped to take a recession and turn it

into the Great Depression. It was passed by Congress, but this was, you know, going back and forth and back and forth and arguing and and presenting different ideas and so on. And Congress did pass these tariffs that uh really slowed down the world economy and just I mean and we're doing this though the the bubble had already popped uh in 1929 and the tariffs came in in 1930 on you know the markets were on the way down. they weren't super overvalued. And uh this is all happening, this on again,

off again. And now we're going to get a clarification sometime soon. Don't exactly know when. Uh that could really affect the global economy. >> And okay, there we are. >> Speaking of bubbles and speaking of volatility and how dangerous everything is, look at this. The everything bubble. This is absolutely massive compared to the bubbles of the past. Oof. Not looking. >> And so now we're playing with an item that is traded on exchanges. It's a direct financial product and it affects

the markets and there's knock-on effects. And there's leverage in all of these things. You mentioned in one tab the shadow leverage in the shadow banking system. This is the type of stuff that can cause another global financial crisis. And if it does, the people that don't have gold and silver are the ones that are going to get hurt, and the people that do have gold and silver are going to be uh benefiting tremendously. >> Absolutely. I couldn't agree more. To sum it up, please don't mess with our

price suppression scam. >> Excellent. Okay. I want to thank you, Ellen, for for this and thanks everybody for watching. Invest and earn up to $2,000 in bonus silver at golds.com. It's easy. Step one, open any golds storage account excluding IRA. Step two, purchase your precious metals. Step three, get up to $2,000 in bonus silver dropped straight into your vault. Visit golds.com/free to claim your silver.