Sep 12, 2025
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On August 8, U.S. customs officials ruled that gold imports from Switzerland were subject to President Donald Trump’s earlier announcement of 39% “reciprocal tariffs” on the country.
In response, market panic set in, with fear of gold scarcity in the U.S. raising the price of the precious metal by 2.6% — reaching a new all-time high of $3,487.90.
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The Swiss Precious Metals Association immediately released a statement on the matter, noting that it “may negatively impact the international flow of physical gold.”
Here’s how Trump responded.
Making an exemption
As Trump’s base loves gold, Trump quickly announced on Truth Social on August 11 that “Gold will not be Tariffed!” easing shortage fears and dropping the price of gold back down by 2.48%.
While the announcement was welcome news to Swiss trading partners, the Swiss Precious Metals Association, knowing how swift Trump can be to reverse course, was quick to make it clear that they want this decision made official outside of a social media post.
"President Trump's statement is an encouraging signal for trade stability," Christoph Wild, president of the ASFCMP, said in a statement.
"However, only a formal and binding decision will provide the certainty the gold sector and its partners require."
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Trump’s lifelong love of gold
While Trump’s main priority in office thus far has been imposing tariffs on countries, his love of gold is well-documented, which might provide insight into his rare tariff exemption.
Trump's chosen decor is rife with gold toilets, gold seat-belt buckles, gold silk-lined bedroom walls and an Oval Office dripping in gold.
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When interviewed about Trump’s obsession with the gaudy hue, color psychologist Jill Moore once told Marie Claire that gold can “symbolize greed and excess.” Gold has long been tied to wealth and status. It also has strong associations with royalty and monarchy, according to Robin Givhan, the senior critic-at-large at The Washington Post.
"There is an elitist point of view that would look at the way he's decorated the Oval Office and say that it looks very nouveau riche," she told Michel Martin, the host of NPR’s The Morning Edition.
"And then there are those who could also look at it and say that it's simply an exuberant celebration of success."
So what does this mean for you?
Now that the price of gold has returned to stable levels, it might be a good time to invest.
The metal has remained a solid investment among the tariff turmoil, and with this exemption coming, gold could be poised to remain steady. Before Trump’s Truth Social post, JPMorgan had estimated that gold would strike $3,675 per ounce by the end of 2025. As it stands, the price of gold is pacing just behind the firm’s Q3 prediction of $3,515 per ounce.
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Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.
With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.
If you’re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Going digital with gold
Trump’s affection for gold isn’t just limited to the physical metal. Since January, the administration has repeatedly signalled an interest in what Trump would call “digital gold” — or cryptocurrency, specifically bitcoin.
On July 18, Trump signed the GENIUS Act into law. The act lays out an initial framework for the regulation of stablecoin, or coins tied to a more stable asset like fiat currency, as well as some consumer protections. Following this, Trump opened up American 401(k) retirement plans to alternative assets, including crypto, by executive order on August 7.
If you’re looking to get into the crypto market, one well-known option is Robinhood Crypto. The platform allows users to buy and sell crypto with as little as $1, which gives you the space to find out if crypto is right for you.
Even better, Robinhood has the lowest trading cost on average in the U.S. — meaning you could get up to 1.9% more crypto compared to trading on other platforms.
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Lisa Lagace covers personal finance, real estate, and investing. She is passionate about helping people new to investing learn how to make their money grow.
