Goldman Sachs Expects Key Minerals Tariff Uncertainty to Persist

The stranded metal inside the US is the real story: it is inventory that cannot easily be re-exported or absorbed, which distorts regional balances rather than global ones. That split matters most for industrial users and physical traders who price off local availability, not headline benchmarks. The broadening of investor interest beyond gold into silver, platinum, palladium and copper suggests tariff risk is being treated as a structural, not temporary, feature. Whether that rotation continues, and whether non-US inventories keep tightening, is the open question.