White House Exempts Gold from Reciprocal Tariffs; Silver, Platinum, and Palladium Likely Included, Offering Relief for Numismatic and Bullion Markets

Detailed in an official fact sheet released on April 2, 2025, gold is explicitly spared from the duties under an exemption for bullion; silver, platinum, and palladium are likely included, pending further confirmation, though they are not individually named.

The policy, tied to an executive order declaring a national emergency, lists “bullion” as exempt from the tariffs—a category widely understood to encompass gold, silver, platinum, and palladium in forms such as coins, bars, and ingots. This ensures that gold, a cornerstone of the precious metals market, avoids additional costs. Silver, platinum, and palladium, also commonly traded as bullion, are presumed covered, based on industry standards. Copper, steel, and aluminum are also among the exemptions listed, though the focus for the numismatic and bullion community remains on the precious metals. The official fact sheet, accessible at https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/, outlines the exemptions within the new tariff framework.

While gold’s exemption is clear, the absence of explicit mentions of silver, platinum, and palladium has sparked some uncertainty. Market reports and discussions on X suggest these metals are safe, with platinum and palladium premiums dropping post-announcement, signaling trader confidence in their inclusion.

Industry leaders are urged to review the fact sheet and watch for updates to confirm the status of silver, platinum, and palladium. For now, the probable exemption of all four precious metals offers a stable outlook for mints, refiners, and collectors amidst shifting trade policies.