The White House has announced exemptions from its new “reciprocal” tariffs, delivering significant relief to the numismatic and bullion industry. Detailed in an official fact sheet released on April 2, 2025, the policy exempts “bullion” from the duties—a category broadly understood in trade and regulatory contexts to include investment-grade gold, silver, platinum, and palladium in the form of bars, coins, and ingots. While the fact sheet does not explicitly name individual metals, this terminology suggests that gold, along with silver, platinum, and palladium, is exempt.

The policy, tied to an executive order declaring a national emergency, lists “bullion” among the exemptions, aligning with U.S. customs definitions that encompass all four major precious metals commonly traded in bullion form. This likely ensures that gold—widely viewed as the cornerstone of the precious metals market—avoids additional costs. Silver, platinum, and palladium, also commonly traded as bullion, are presumed to be included under the same exemption, though their omission by name has led to some cautious interpretation. Copper, steel, and aluminum are also among the exemptions listed, though the primary focus for the numismatic and bullion community remains on precious metals.

While the use of “bullion” provides a strong basis for the exemption of gold, silver, platinum, and palladium, the lack of explicit naming has sparked some uncertainty. Market reports and discussions on X suggest these metals are considered 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 monitor for updates that may further clarify the status of silver, platinum, and palladium. For now, the likely exemption of all four major precious metals offers a stable outlook for mints, refiners, and collectors amidst shifting trade policies.