Finally, as we noted back in February, there is a potential ulterior motive here, which was also hinted at by The FT, suggesting that a gold revaluation by the US Treasury may be looming...

"currently, [US gold stocks] are valued at just $42 an ounce in national accounts. But knowledgeable observers reckon that if these were marked at current values — $2,800 an ounce — this could inject $800bn into the Treasury General Account, via a repurchase agreement. That might reduce the need to issue quite so many Treasury bonds this year"

'Things have accelerated a little since then: if we assume the 39% tariff that applies to Swiss goods, then Gold is currently worth $4726 (1.39 x $3400)... which implies a $1.235 Trillion bump for the US Treasury.'

Higher gold prices, the better (for Trump), as @OneChanceFreedm concludes:

If intentional, it’s a geopolitical two for one where it weakens Switzerland’s refining dominance and force London’s bullion desks into a defensive funding position, all while boosting the relative leverage of U.S.-based refiners and COMEX as the global center of price discovery.

That’s a strategic strike on the gold market’s offshore liquidity loop.

...assuming all that gold is there?