>>60762889
By targeting Swiss kilo and 100 ounce bars, the formats most easily deliverable into COMEX, the U.S. just created a premium in New York futures and tightened liquidity in a way that strengthens U.S. pricing power. This tariff forces a bottleneck in a Western controlled delivery channel, keeping COMEX relevant and potentially making Eastern bars less interchangeable in the near term. The bigger strategic layer is that it signals Washington is willing to use trade policy to manipulate where price discovery happens. That’s a warning shot to anyone assuming gold market geography will shift without resistance.