According to The Kobeissi Letter, US gold imports reached a record $30.4 billion in January due to increased physical gold buying amid the trade war. This figure represents a doubling of the import levels observed during the 2020 pandemic, indicating a significant shift in market dynamics. The data suggests increased demand for gold as a safe-haven asset, which is crucial for traders considering the impact of geopolitical tensions on commodity prices.

According to The Kobeissi Letter, physical gold buying in the US has reached depression-like levels, with inventories increasing over 100% year-to-date and gold prices hitting $3,100/oz. The surge is attributed to tariff uncertainty exceeding levels seen during Trump Trade War 1.0, which could have significant implications for traders focusing on gold markets.