Gold futures soar to record high after reports of US tariffs on Swiss bars (www.theguardian.com)
from MicroWave@lemmy.world to world@lemmy.world on 08 Aug 13:27
https://lemmy.world/post/34139543

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.

#world

threaded - newest

MadMadBunny@lemmy.ca on 08 Aug 14:35 next collapse

Oh look, another global market manipulation in plain sight.

[deleted] on 08 Aug 14:42 next collapse
.
cecilkorik@lemmy.ca on 08 Aug 14:48 collapse

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.

empireOfLove2@lemmy.dbzer0.com on 08 Aug 16:45 next collapse

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.

sp3ctr4l@lemmy.dbzer0.com on 08 Aug 19:46 next collapse

Yep, lets go check on the DXY again…

Yep, going down, again.

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.

yetAnotherUser@discuss.tchncs.de on 08 Aug 21:03 collapse

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:

EUR: www.ecb.europa.eu/…/eurofxref-graph-cny.en.html

USD - haven’t found a decent official source

phutatorius@lemmy.zip on 09 Aug 17:20 collapse

Ah, so this is the pump and dump that’s being worked.