What’s real right now - Banks/traders (not the U.S. governm…

What’s real right now
- Banks/traders (not the U.S. government) have been pulling bullion from the Bank of England and flying it to New York to meet delivery needs and get ahead of potential tariffs/spreads. See coverage: CNN, FT, Bloomberg, Yahoo.
- Reports today say the U.S. will apply tariffs to imported 1 kg and 100 oz gold bars, with Switzerland facing an effective 39% rate given “reciprocal” tariffs. This helps explain why New York futures spiked versus London. Sources: FT, Bloomberg, Guardian, Yahoo.
- COMEX does accept 1 kg and 400 oz bars, so tariffs on Swiss kilobars can tighten U.S. deliverable supply at the margin. But the U.S. can also source bars from non‑Swiss refiners (U.S., Canada, others), and 400 oz bars can be used too.