International News
The ‘De Minimis’ Dilemma: Why global postal services halted U.S. shipments
On July 30, the U.S. President issued an executive order to suspend the long-standing de minimis treatment for all countries. This policy shift means all incoming shipments are now subject to tariffs and customs duties, regardless of their value. The new regulations make transport carriers and approved parties responsible for collecting these customs duties, a significant change from the previous system.
In response, national postal services in more than 30 countries—including major trading partners like the UK, Germany, France, Japan, and Australia—have ceased shipping small parcels to the U.S. Their stated reason is a lack of clarity in the new U.S. guidelines, and they are unwilling to risk non-compliance.
Impact on Small and Medium-sized Enterprises
The move has created a major disruption for small jewelry businesses and other online sellers who depend on postal services for international shipments. For many, the U.S. is their primary market. Platforms like Etsy, which are popular with artisans and small sellers, have been significantly affected.
- Financial Strain: Small businesses typically operate on thin profit margins. The addition of customs duties and the logistical complexities of the new policy are making it difficult for them to remain profitable.
- Operational Challenges: Without a clear and reliable method for shipping to the U.S., many businesses have been forced to suspend operations in that market. Some have reportedly closed their online stores entirely.
- Market Access: The suspension of postal services effectively cuts off a crucial shipping channel, severely limiting market access for international sellers targeting U.S. consumers.
The end of the de minimis rule represents a fundamental shift in U.S. trade policy, moving away from facilitating low-value imports and toward stricter enforcement of tariffs. While the full long-term impact is still developing, the immediate consequences are clear: a significant disruption to global small parcel logistics and a major financial and operational challenge for small e-commerce businesses worldwide.
International News
WGC Gold Demand Trends- Q1 2026: Bar and Coin Buying Drove Q1 Demand
Global Demand Hit a New Record High Value Total Q1 Gold Demand, Including OTC, was 2% Higher y/y at 1,231t
Total Q1 gold demand, including OTC, was 2% higher y/y at 1,231t. This modest growth in volumes, combined with gold’s exceptional price rise, generated a 74% jump in the value of quarterly demand to a record US$193bn.
Bar and coin demand of 474t (+42%) was the second-highest quarter on record. Asian investors led the charge, hoovering up gold investment products.
Buying of gold-backed ETFs continued in Q1 (+62t), but at a lower rate than the very strong Q1’25 (+230t) following sizable outflows from US funds in March.
Amid record high gold prices, jewellery demand volumes remained under pressure (-23% y/y), while levels of spend again increased (+31%), signalling continued positive sentiment towards gold jewellery.
Central banks bought 244t (+3% y/y) of gold on a net basis in Q1 despite a visible uptick in selling activity during the quarter.
Demand for gold used in technology edged 1% higher to 82t, fuelled largely by the continued growth in AI infrastructure.
Highlights
- The LBMA (PM) gold price set a new quarterly average record of US$4,873/oz. The price hit a historical high of US$5,405/oz in January, followed by a notable correction. During Q1, the gold price returned 6%.
- The supply of gold increased in Q1 by 2% y/y to 1,231t. Modest growth in mine production, together with a 5% uptick in recycling, generated the increase.
- Investment demand now far exceeds fabrication. Weaker jewellery demand alongside growing investor interest in gold has changed the composition of demand in recent years.
Outlook
- Geopolitics remain front and centre in our outlook for gold demand in 2026. Our view remains that investment and central bank demand will be supported by ongoing geopolitical risk, with further investment impetus from elevated inflation and persistent high gold prices. Jewellery demand will remain under pressure for similar reasons, albeit that spending will likely remain resilient.
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