Imposition of 39% export rate described as ‘another blow’ to Switzerland’s world-leading refining industry
The price of gold futures have soared to a record high after it was reported that the US would put tariffs on imports of 1kg bars in a further trade blow to Switzerland, which dominates the world’s refining industry.
Swiss exports to the US were hit by a crippling 39% tariff on Thursday after the country’s president returned empty-handed from a last-minute dash to Washington in an attempt to get the rate, among the highest imposed by Donald Trump, lowered.
Ah, so this is the pump and dump that’s being worked.
Remember: Gold value as measured in USD is not entirely gold increasing in value, it isalso the USD losing its purchasing power internationally.
Gradual descent into the economic boiling pot.
Yep, lets go check on the DXY again…
Yep, going down, again.
https://www.marketwatch.com/investing/index/dxy
Down from about 110.2 at about the inauguration, to about 98.3 right now.
Or, Trump has devalued the USD against the other currencies it actually trades against, by about 10.3% in just over 6 months.
It may be intentional.
A strong currency is good for imports but awful for exports.
A weaker currency is awful for imports and good for exports which Trump('s economic advisors) want.
China in particular is actively keeping its currency weak to ensure continuous exports. There’s a reason it is at its weakest point since 2007 compared to USD and EUR:
USD - haven’t found a decent official source
Oh look, another global market manipulation in plain sight.
It’s like the new version of the “If a tree falls in a forest” quote. “If market manipulation is happening in plain sight but nobody cares, does it still generate profit?” Yes, yes it does.
Removed by mod
