Gold prices soared to record highs after Donald Trump slapped tariffs on bars of the precious metal. In a shock move that blindsided the bullion market, US officials ruled that one kilo and 100 ounce bars should be subject to import duties. US gold futures hit a record of 3.535 per troy ounce in Friday trading after an FT report revealed the plans.

This tends to be a positive sign, as Charlie Morris of Bytetree — my usual go-to for all things precious metals (and crypto) — noted in the most recent edition of his Atlas Pulse newsletter. In his view, gold remains in a bull market that is “far from done.”

Many were baffled when Donald Trump slapped a steep 39% tariff on imports from Switzerland. The Swiss aren't known for flooding the US with cheap goods, but their outsize role in gold refining is distorting trade data.