Gold exports to the US from Europe’s main refining hub in Switzerland surged to the highest level on record in January, after tariff fears sparked a rush to bring gold to the US.

Gold surged past $2,900 per ounce and aluminum, iron ore, copper and silver futures rose after President Donald Trump said he'd target metal imports.

To be sure, as the threat of tariffs has escalated in recent months, gold GC00 has been in a strong bull market — surging above $2,900 this week for the first time ever. It is up more than 10% just since the beginning of the year and almost 45% over the past 12 months.