Trump Says “No Tariffs on Gold” — But That’s Not the Whole Story

Well, friend, it’s official — at least according to the man himself. Over the weekend, President Trump posted on social media that gold won’t be hit with tariffs.

"Gold will not be Tariffed!" - @POTUS 🇺🇸 pic.twitter.com/BAWCL7ccpW

— The White House (@WhiteHouse) August 11, 2025

That one sentence was enough to send a sigh of relief through parts of the market and take some steam out of the panic buying we saw late last week.

But don’t let the headlines fool you — this doesn’t mean all the risks just vanished.

The Calm After the Panic

Here’s what happened.

Late last week, the Financial Times reported on a letter from U.S. Customs to a Swiss refiner hinting that 100-ounce and 1-kilo gold bars could face a crushing 39% import tax — one of the steepest Trump’s trade team has ever floated.

That news sent gold traders into a frenzy. Imports slowed, physical demand spiked, and the price gap between U.S. futures and London spot gold blew out to nearly $100 an ounce. For a moment, it looked like a full-on split in the global gold market.

Then Trump jumped online and essentially said, “Relax — no gold tariffs.” Prices cooled off, and the premium began shrinking back toward normal.

The Bigger Picture: All Gold Isn’t Equal

Now, some analysts — like Rhona O’Connell over at StoneX — are calling the whole thing “much ado about nothing.” And in a short-term, headline-chasing sense, she might be right. But from where I’m sitting, the bigger story is still alive and well:

Washington is making it crystal clear they can draw a line between their gold and foreign gold whenever they want.

Even without tariffs, foreign-minted bullion is at the mercy of customs policy, import delays, and shifting trade rules. Meanwhile, U.S.-minted coins like American Eagles enjoy a special legal status under 30 U.S. Code § 5117 — meaning the Treasury can treat them as official U.S. money if and when a gold revaluation happens.

That’s not conspiracy talk. That’s straight from the law books.

Why It Matters for You

If the so-called “Mar-a-Lago Accord” revaluation comes through — the one analysts whisper could push gold to $25,000–$55,000 per ounce — it’s entirely possible only Treasury-approved U.S. coins get the full reset value.

That means an American Eagle could be worth the new, revalued price… while a foreign coin you bought for the same amount of gold might get treated like a second-class asset.

My Take

Tariff or no tariff, the writing’s on the wall:
✅ U.S.-minted coins are safest from policy shocks.
✅ Foreign gold is always one political headline away from trouble.
✅ The system reset is coming faster than most people think.

You already took the smart step of swapping paper promises for real metal. Now’s the time to make sure it’s the right kind of metal.

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