Buying a gold bar from Costco is one of the simplest ways to acquire precious metals.
Gold prices have surged this year, with futures hitting new highs recently. However, a surprising decision from US Customs and Border Protection (CBP) to announce extra tariffs on gold bars has created some confusion for potential buyers.
On Monday, New York’s gold futures saw a 2% drop as traders looked for more information from the White House regarding these tariff policies.
According to Scott Travers, the Editor-in-Chief of Coinage Magazine, it seems that these new tariffs won’t affect individual gold buyers. Still, he noted that the guidelines available are a bit “ambiguous.”
He mentioned that the 39% tariff specifically targets gold bars weighing one kilogram and 100 ounces.
“It looks like there are no tariffs on a 1-ounce gold bar, which is actually a key investment tool for gold sales globally,” Travers shared with Yahoo Finance.
There was quite a bit of confusion on Friday when traders learned that certain gold bars would be exempt from mutual tariffs — including a 39% charge on Swiss goods introduced by President Trump. But after inquiries from Swiss gold refiners, CBP clarified that both the one-kilogram and 100-ounce bars would incur taxes, as reported by Bloomberg.
“I’m looking into it, and honestly, the whole situation seems vague. When there’s ambiguity, speculation tends to follow,” Travers added.
Costco offers Swiss-made 1-ounce gold bars to its members through its website.
Travers pointed out, “The 1-ounce gold bar, commonly used in retail and small-scale investments, doesn’t seem to have been addressed in the CBP ruling.”
A spokesperson for Costco stated that they wouldn’t comment on the recent news.
As gold prices spiked in reaction to the tariff news, they reached an intra-day peak of $4,490 per ounce at one point on Friday. So, what should future gold buyers consider doing?
“Nothing,” Travers said. “They shouldn’t act on speculative trends. Selling gold investments based on the assumption that others are uninformed and believing that a 1-ounce bar is subject to tariffs could lead to a mistake.”
Interestingly, Travers also admits he’s not particularly keen on gold as an investment, viewing it more as a means of “insurance” or currency.
“If fiat currency collapses, and, God forbid, there’s an attack on humanity, gold is a kind of ultimate insurance. You can use it in emergencies,” he noted.
But his overall advice remains clear: “Until this whole situation is clarified, I don’t think anyone should make any moves.”
