Canada (refine) → United States · Sale by COMEX futures delivery

Public law and official guidance, published as research. Not legal, tax or financial advice.

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Canada (Doré bar - unstamped → LBMA Good Delivery 400oz bar) ⟶ United States (LBMA Good Delivery 400oz bar)

Leg 1: Canada

Where the goods start

Doré bar - unstamped → LBMA Good Delivery 400oz bar

1
Obtain a prospector's licence online in the Ontario Mining Lands Administration System (MLAS): 18 or older, after completing the Mining Act awareness program within the prior 60 days; valid five years
Who
Prospector / mining-claim or exclusive-exploration-right holder
Issues
Ontario prospector's licence
Primary law
- Ontario Mining Act, ss.18, 19
2
Register a cell mining claim online in MLAS (no ground staking)
Who
Prospector / mining-claim or exclusive-exploration-right holder
Needs
Ontario prospector's licence
Issues
Registered mining claim (MLAS)
Primary law
- Ontario Mining Act, s.38(2)
3
Acquire a Quebec exclusive exploration right by filing a notice of map designation and having it registered (3-year first term, 2-year renewals subject to work)
Who
Prospector / mining-claim or exclusive-exploration-right holder
Issues
Registered exclusive exploration right (Quebec)
Primary law
- Quebec Mining Act, ss.47, 61
4
Ontario: obtain a mining lease (entitled on compliance and first year's rent, after the fifth unit of assessment work; 21 years) and, before mine production, file the Notice of Project Status, give public notice, complete Aboriginal consultation, submit a closure plan with financial assurance (O. Reg. 35/24) and receive the Minister's written confirmation of filing
Who
Industrial mine operator (mining-lease holder)
Needs
Registered mining claim (MLAS)
Issues
Mining lease; Filed closure plan with financial assurance
Primary law
- Ontario Mining Act; O. Reg. 35/24, Mining Act s.81(1)-(3), s.141(1)
5
Quebec: obtain a mining lease before mining (rehabilitation plan approved, financial guarantee, certified feasibility study, environmental authorization, market/processing study where required, rental paid); 20-year term renewable for 10-year periods
Who
Industrial mine operator (mining-lease holder)
Needs
Registered exclusive exploration right (Quebec)
Issues
Mining lease
Primary law
- Quebec Mining Act, ss.100, 101, 104
6
Mine lode ore on the leased land
Who
Industrial mine operator (mining-lease holder)
Needs
Mining lease; Filed closure plan with financial assurance
Official guidance
7
Mill and leach the ore on site and smelt the recovered gold into doré bars
Who
Industrial mine operator (mining-lease holder)
Form
Ore (in situ / run-of-mine) → Doré bar - unstamped
Industry practice
Process route is industry practice; Customs Tariff separately identifies doré (7108.12.00.22).
8
Number, weigh and sample each doré bar; record mine assay and seal for shipment
Who
Industrial mine operator (mining-lease holder)
Issues
Doré bar number and mine weight/assay record
Form
Doré bar - unstamped → Doré bar - stamped/exporter-sealed
Industry practice
9
Ship doré under a refining agreement by secure carrier to a Canadian refiner (Royal Canadian Mint or a private GD refiner); for ore or minerals from Ontario mining lands, refining abroad breaches the s.91 condition unless the Lieutenant Governor in Council has exempted the lands
Who
Industrial mine operator (mining-lease holder)
Needs
Doré bar number and mine weight/assay record
Issues
Refining (toll) agreement, mine - Canadian refiner
Primary law
[inferred] Refining route and carriers are industry practice; the Ontario limitation is s.91(1) and (3); Quebec has no equivalent condition in the sections read (s.101(5) only requires a study on processing in Quebec for regulated substances).
10
Onboard the supplier: KYC, OECD five-step risk assessment, sanctions/PEP/adverse-media screening, confirm gold is not imported, purchased or acquired from Russia or a person in Russia
Who
Private LBMA Good Delivery refiner in Canada
Needs
Refining (toll) agreement, mine - Canadian refiner; Origin country's export authorisation for the gold (permit, licence or clearance issued by the mining or trade authority)
Issues
Supplier KYC pack and acknowledgement of the refiner's procurement policy; Onboarding and daily screening record; non-Russian origin confirmation
Primary law
[inferred] SEMA element is law; KYC and OECD process are LBMA/refiner practice, not a Canadian statute for refiners.
- SEMA (Russia) Regulations s.3.11; LBMA RGG; OECD DDG, s.3.11
11
Receive, weigh, melt and sample the lot; assay in the refinery lab and issue the outturn
Who
Private LBMA Good Delivery refiner in Canada
Needs
Supplier KYC pack and acknowledgement of the refiner's procurement policy; Onboarding and daily screening record; non-Russian origin confirmation
Issues
Refiner outturn assay and settlement statement
Official guidance
12
Refine to 999.9 (or 999.99) and cast LBMA Good Delivery 400 oz bars, 100 oz or 1 kg bars bearing the refiner's mark
Who
Private LBMA Good Delivery refiner in Canada
Issues
Bar list of refined bars (GD 400 oz, 100 oz, kilobars)
Form
Doré bar - stamped/exporter-sealed → LBMA Good Delivery 400oz bar
Official guidance
13
Settle outturn with the supplier: credit fine metal to its metal account or buy the metal, with final invoice
Who
Private LBMA Good Delivery refiner in Canada
Needs
Refiner outturn assay and settlement statement
Issues
Refiner's final invoice / metal-account credit against outturn
Industry practice
14
First supply of the refined bars by the refiner (or the owner on whose behalf they were refined) is zero-rated for GST/HST; refining fees charged to the metal owner are generally taxable
Who
Private LBMA Good Delivery refiner in Canada
Issues
Invoice for sale of refined bars (zero-rated first supply by the refiner / exempt resale)
Primary law
Refining-fee taxability is CRA guidance (17-1 para 35), not a specific statutory provision.
- Excise Tax Act, s.123(1) 'precious metal'; Sched VI Part IX s.3
15
For any purchase or sale of $10,000 or more as a dealer in precious metals: verify identity, keep records, report cash of $10,000+ (LCTR), virtual currency (LVCTR) and suspicious transactions
Who
Private LBMA Good Delivery refiner in Canada
Issues
Record of $10,000+ purchase or sale and client identification; Large cash transaction report; Suspicious transaction report; Large virtual currency transaction report
Primary law
s.65(2) excludes purchases/sales in connection with extracting precious metals from a mine or manufacturing a product; its application to refiners buying doré is not settled in the texts read.
- PCMLTF Regulations, ss.65, 66, 126, 148
16
Confirm no export permit is needed: gold is not on the Export Control List (EIPA s.13 requires a permit only for listed goods or Area Control List countries) and there is no gold export licence, state buyer or export duty; unwrought and semi-manufactured gold (710812, 710813) may not be exported to Russia or a person in Russia (SEMA (Russia) s.3.08, Schedule 6 Part 1 items 176-177); check buyer sanctions
Who
Exporter of record (mine, refiner or bullion trader)
Primary law
[not-read] Area Control List and sanctions regimes other than Russia not read.
- Export and Import Permits Act; Export Control List; SEMA (Russia) Regulations, EIPA s.13; SEMA (Russia) s.3.08
17
Invoice the non-resident buyer. Refined bars ('precious metal'): zero-rated when the exporter is the refiner or the person for whom they were refined (ETA Sched VI Part IX s.3); otherwise an exempt financial service (Sched V Part VII s.1), zero-rated under Part IX s.1 only when supplied by a financial institution to a non-resident. Doré and other gold that is not 'precious metal': taxable, zero-rated as an export when the Sched VI Part V s.1 conditions are met
Who
Exporter of record (mine, refiner or bullion trader)
Issues
Commercial invoice to the foreign buyer
Primary law
CRA 17-1 paras 34 and 37 match this reading of Part IX ss.1 and 3. [inferred] Application of Sched VI Part V s.1 (export of tangible personal property) to doré is our reading of the provision.
- Excise Tax Act, s.123(1); Sched V Part VII s.1; Sched VI Part IX ss.1, 3; Sched VI Part V s.1
18
Report the export to CBSA through the CERS portal or G7 EDI (goods of CAD 2,000+ to any country other than the US), not less than 2 hours before loading on an aircraft; obtain the proof of report number
Who
Exporter of record (mine, refiner or bullion trader)
Needs
Commercial invoice to the foreign buyer
Issues
CERS export declaration and proof of report number
Primary law
- Customs Act Part V; Reporting of Exported Goods Regulations, Customs Act s.95(1); REGR ss.3(1), 6(b)
19
For exports to the United States: no Canadian export declaration is required for non-restricted goods such as gold
Who
Exporter of record (mine, refiner or bullion trader)
Primary law
REGR s.7 exempts exports covered by a written arrangement under which the other country collects the data as imports and shares it; D20-1-1 para 25 applies it to non-restricted goods to the US and para 76 names the Memorandum of Agreement on the Exchange of Import Data between Canada and the United States. Consequence for routes: a Canada-to-US shipment carries no Canadian export declaration to fulfil ref.dk-export-declaration.
- Reporting of Exported Goods Regulations, s.7
20
Carrier obtains the proof of report number from the exporter and flies the bars or doré under air waybill with bar list
Who
Secure precious-metals carrier / airline
Needs
CERS export declaration and proof of report number; Bar list of refined bars (GD 400 oz, 100 oz, kilobars)
Issues
Air waybill
Official guidance

Taxes and fees

British Columbia mineral tax
2% of net current proceeds plus 13% of net revenue exceeding the cumulative tax credit account (and related amounts); placer gold mines 0.5% of transaction value
Primary lawAmount not confirmed
- BC Mineral Tax Act, ss.2(1), 2.2
Export duty on gold
None identified
UnverifiedAmount not confirmed
Northwest Territories mining royalty
Lesser of 13% of the value of output and the Schedule 3 sum (0% on the first $10,000; 5% to $5m; rising 1 point per $5m band to 14% above $45m)
Primary lawAmount not confirmed
- NWT Mining Regulations, s.69, Schedule 3
Nunavut mining royalty
Lesser of 13% of the value of output and the schedule table (0% on the first $10,000; 5% to $5m; up to 14% above $45m)
Primary lawAmount not confirmed
- Nunavut Mining Regulations, s.69
Ontario mining tax
10% (non-remote); 5% (remote mines) Output of Ontario mines (pit's-mouth value basis)
Primary lawAmount not confirmed
- Ontario Mining Tax Act; Reg. 769, ss.3, 3.1, 3.2
Quebec mining tax (greater of profit tax and minimum tax)
Greater of: mining tax on annual profit at 16% (portion of profit margin up to 35%), 22% (35% to 50%) and 28% (above 50%); and minimum mining tax of 1% of mine-mouth output value up to the reduced-rate amount ($80,000,000 for an operator not in an associated group) plus 4% above
Primary lawAmount not confirmed
- Quebec Mining Tax Act, ss.5, 29.1-29.3, 30.1, 30.2
Yukon quartz mining royalty
Graduated on value of output after deductions: none on the first $10,000, from 3% up to 12% above $35m (as summarised)
UnverifiedAmount not confirmed

Controls

S.C. 2026, c. 4 (Bill C-12, royal assent 26 Mar 2026) amended the PCMLTFA and the AMP Regulations: penalty ranges per violation $1 to $40,000 (minor), $1 to $4,000,000 (serious) and $1 to $20,000,000 (very serious) (AMP Regulations s.5, as amended by s.118), subject to the Act's maxima of $4,000,000…
Primary law
- PCMLTFA and PCMLTF AMP Regulations as amended by S.C. 2026, c. 4, Act ss.9.6(1.1), 73.1; SOR/2007-292 s.5
CBSA officers may enter premises where goods destined for export are reported, loaded or stored and examine them (Customs Act ss.97.01-97.02, added by S.C. 2026, c. 4, Part 1).
Primary law
- Customs Act, ss.97.01, 97.02
Extractive entities (listed in Canada, or meeting two of $20m assets, $40m revenue, 250 employees) must report and publish payments of $100,000 or more per category per payee to governments in Canada and abroad within 150 days after year end; keep records 7 years; fine up to $250,000 (ESTMA ss.8, 9,…
Primary law
- Extractive Sector Transparency Measures Act, ss.8, 9, 13, 24
A DPMS receiving $10,000 or more in cash in a single transaction must file a large cash transaction report (unless from a financial entity or public body); amounts received within 24 consecutive hours from or for the same person are aggregated.
$10,000 cash
Primary lawAmount not confirmed
- PCMLTF Regulations, ss.66, 126
No exchange control or export-proceeds repatriation requirement identified.
Unverified
Since 2025 the Ontario Minister may suspend MLAS access, prohibit or terminate prospector's licences, deny leases and (with Lieutenant Governor in Council approval) cancel claims or terminate leases for the protection of the strategic national mineral supply chain.
Primary law
- Ontario Mining Act, ss.4.1(8)-(14), 26.1, 81(1.1), 176.1
No legal cap on cash payments for gold is in force. Bill C-2 (Strong Borders Act, first reading 3 Jun 2025) Part 11 would add PCMLTFA s.77.5 making it an offence for a person or entity engaged in a business to accept a cash payment, donation or deposit of $10,000 or more (single or prescribed relate…
$10,000 (proposed)
Primary lawAmount not confirmed
- Bill C-2 (not enacted), proposed PCMLTFA s.77.5
Travellers must declare currency or monetary instruments of CAN$10,000 or more; gold bullion is not a monetary instrument and moves as goods through customs.
CAN$10,000
Primary lawAmount not confirmed
- Cross-border Currency and Monetary Instruments Reporting Regulations, ss.1, 2
Dealers in precious metals and precious stones are PCMLTFA reporting entities for purchases or sales of $10,000 or more (compliance program, KYC, beneficial ownership, PEPs, records kept at least five years, STR, LCTR, LVCTR, listed-person property and sanctions-evasion reports). Excluded: purchases…
$10,000 per purchase or sale
Primary lawAmount not confirmed
- PCMLTF Regulations, ss.1(2), 65, 148
Export reporting (not licensing): non-monetary gold must be declared through CERS/G7 EDI when worth CAD 2,000+ and going anywhere but the US; exports to the US of non-restricted goods are exempt.
CAD 2,000; US destinations exempt
Primary lawAmount not confirmed
- Customs Act s.95; Reporting of Exported Goods Regulations, REGR ss.3, 6(b), 7
Tariff item 9897.00.00 prohibits importation of "Goods manufactured or produced wholly or in part by prison labour" and "Goods mined, manufactured or produced wholly or in part by forced labour or child labour as those terms are defined in section 2 of the Fighting Against Forced Labour and Child La…
Primary law
- Customs Tariff, Schedule, tariff item 9897.00.00
Canada hosts three LBMA Good Delivery gold refiners: Royal Canadian Mint (Ottawa, listed ~1919), CCR Refinery - Glencore Canada Corporation (Montreal East, ~1956) and Asahi Refining Canada Limited (Brampton, 15/06/1961). Output is accepted in London; Asahi and the Mint also state COMEX acceptance.
Standard
Gold is not on the Export Control List: no export permit, licence or state approval is required to export gold, and no state buyer or export monopoly exists.
Primary law
- Export and Import Permits Act; Export Control List, EIPA s.13; SOR/89-202
Every Ontario patent, lease or other disposition of lands, claims or mining rights is subject to the condition that "all ores or minerals raised or removed therefrom shall be treated and refined in Canada so as to yield refined metal or other product suitable for direct use in the arts without furth…
Primary law
- Ontario Mining Act, s.91
No person in Canada or Canadian abroad may export, sell, supply or ship unwrought (710812) or semi-manufactured (710813) gold, wherever situated, to Russia or to any person in Russia (Schedule 6 Part 1 items 176-177; also jewellery and other listed articles). Exception: personal effects.
Primary law
- Special Economic Measures (Russia) Regulations, s.3.08, Schedule 6 Part 1 items 176-177
Persons in Canada and Canadians abroad may not import, purchase or acquire any Schedule 9 good from Russia or from any person in Russia: gold powder (710811), other unwrought (710812), semi-manufactured (710813), monetary gold (710820), jewellery (711319) and goldsmiths' wares (711419) of precious m…
Primary law
- Special Economic Measures (Russia) Regulations, s.3.11, Schedule 9
No person in Canada or Canadian abroad may import, purchase or acquire Schedule 13 goods, wherever situated, from Russia or a person in Russia; Schedule 13 item 137 is heading 7112 (waste and scrap of precious metal). Added by SOR/2025-143.
Primary law
- Special Economic Measures (Russia) Regulations, s.3.16, Schedule 13 item 137
Entities producing, selling or distributing goods, or importing goods, that are listed in Canada or meet two of $20m assets, $40m revenue, 250 employees must report to the Minister by May 31 each year on steps taken to prevent forced and child labour in their supply chains (S.C. 2023, c. 9, ss.2, 9,…
Primary law
- Fighting Against Forced Labour and Child Labour in Supply Chains Act, ss.9, 11

Leg 2: United States

Where the goods arrive

21
Screen the supplier and the gold: KYC, OFAC sanctions lists, and confirm the gold is not of Russian Federation origin (unless it was outside Russia before 28 June 2022); apply CAHRA red flags from the 2023 Africa Gold Advisory
Who
Importer of record (bullion bank, trader, refiner or dealer)
Needs
Commercial invoice; Bar list (serials, weights, fineness)
Issues
Importer's supplier KYC and OFAC / Russian-origin screening file
Primary law
- E.O. 14068; OFAC Determination (effective 28 Jun 2022, amended 22 Dec 2023), E.O. 14068 s.1(a)(i); determination under s.1(a)(i)(A), 1(b) and 5; delegation 31 CFR 587.802
22
File entry (CBP Form 3461 or electronic equivalent) with evidence of the right to make entry, commercial invoice and packing list, and the entry summary (CBP Form 7501) classifying the gold under HTSUS 7108 with country of origin; deposit any duty (heading 7108 free except 4.1% on 7108.12.50 and 7108.13.70 for non-preference origins) and the 0.3464% merchandise processing fee; shipments of $2,500 or less may use informal entry
Who
Licensed customs broker
Needs
Importer's supplier KYC and OFAC / Russian-origin screening file; Commercial invoice; Packing list; Air waybill
Issues
CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent); CBP Form 7501 entry summary (HTSUS classification, origin, duties and fees)
Primary law
- 19 CFR 142.3; 19 CFR 143.21; 19 CFR 24.23; HTSUS 7108
23
Review, examine if selected, and release the goods; CBP enforces the Russian-origin gold ban and any withhold release order on gold made with forced labour
Who
US Customs and Border Protection
Needs
CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent)
Issues
CBP release of entered goods (ACE cargo release)
Primary law
- 19 CFR 142.3; E.O. 14068 gold determination; 19 U.S.C. 1307 and 19 CFR 12.42
24
Deliver released gold directly to the refinery or to a COMEX-approved depository (for COMEX, bars must come directly from an approved producer or assayer with certificates, or from another depository)
Who
Secure logistics carrier (armoured / valuables; COMEX-approved carrier where relevant)
Needs
CBP release of entered goods (ACE cargo release)
Issues
Delivery record airport to refinery or depository
Standard
25
Deliver bars into a COMEX-approved depository directly from the approved producer with refiner certificates, from an approved assayer with assay certificates, or from another approved depository
Who
Secure logistics carrier (armoured / valuables; COMEX-approved carrier where relevant)
Needs
Refiner certificate for bars produced (brand, serial, weight, fineness)
Issues
Chain-of-integrity receipt at depository
Standard
26
Inspect and weigh the bars and record them as eligible stock
Who
COMEX-approved depository / bullion vault
Needs
Chain-of-integrity receipt at depository; Bar list (serials, weights, fineness)
Issues
Depository inspection, weight record and eligible-stock entry
Standard
27
Issue an electronic warrant in the name of the clearing member, referencing bar serials and the approved producer; the metal becomes registered (deliverable) stock
Who
COMEX-approved depository / bullion vault
Needs
Depository inspection, weight record and eligible-stock entry
Issues
COMEX gold warrant (electronic UCC Article 7 document of title)
Standard
- COMEX Rulebook; UCC Article 7, Rule 705.A; 113108
28
Report eligible, pledged and registered stocks to the exchange registrar daily by 2:00 p.m.
Who
COMEX-approved depository / bullion vault
Standard
29
Optionally pledge the warrant to CME as collateral (title to CME, first-priority security interest, 15% haircut)
Who
Futures clearing member / bullion bank
Needs
COMEX gold warrant (electronic UCC Article 7 document of title)
Standard
30
Short clearing member submits a delivery intention in Deliveries Plus selecting warrants (brand, weight, warrant number, warehouse) - Day 1
Who
Futures clearing member / bullion bank
Needs
COMEX gold warrant (electronic UCC Article 7 document of title)
Issues
COMEX delivery intention notice (Deliveries Plus)
Standard
31
Issue invoices on the morning after the intention day at the settlement price plus storage reimbursement - Day 2
Who
Exchange clearing house (CME Clearing for COMEX)
Needs
COMEX delivery intention notice (Deliveries Plus)
Issues
CME Clearing delivery invoice
Standard
32
Settle: the warrant transfers electronically to the long clearing member and funds are banked through clearing - Day 3
Who
Exchange clearing house (CME Clearing for COMEX)
Needs
CME Clearing delivery invoice
Issues
Warrant transfer and funds banked through clearing
Standard
33
On warrant cancellation, load out the metal first-come first-served; if not released within 5 business days notify the exchange; delivery orders received by the 20th must be released by month-end
Who
COMEX-approved depository / bullion vault
Needs
Warrant transfer and funds banked through clearing
Issues
Load-out release record after warrant cancellation
Standard

Taxes and fees

Customs duty on gold (HTSUS 7108)
Column 1 general: Free on 7108.11.00 (powder), 7108.12.10 (bullion and dore), 7108.13.10 (gold leaf), 7108.13.55 (rectangular or near-rectangular shapes of 99.5%+ gold marked only with weight, purity or other identifying information), 7108.20.00 (monetary); 4.1% on 7108.12.50 (other unwrought) and 7108.13.70 (other semi-manufactured), Free for special programmes A, AU, BH, CL, CO, D, E, IL, JO, KR, MA, OM, P, PA, PE, S, SG (General Note 3(c)(i): e.g. S = USMCA, PE = Peru TPA, CO = Colombia TPA, AU = Australia FTA, CL = Chile FTA, SG = Singapore FTA, A = GSP, D = AGOA). Column 2: 65% on 7108.12.50 and 7108.13.70, 8% on gold leaf, Free on the others (7108.13.55 footnoted "See 9903.90.08") All imports of gold
Primary lawAmount not confirmed
- HTSUS (Revision 19, 2026), heading 7108
Nevada gold and silver excise tax
0.75% of Nevada gross revenue above $20,000,000 up to $150,000,000 (i.e. $975,000 at $150m) plus 1.1% of the excess over $150,000,000; nothing due if $20,000,000 or less
Official guidanceAmount not confirmed
- NRS 363D (per Department of Taxation form EXC-F029), NRS 363D.160 (as cited by the Department)
IEEPA reciprocal tariff (E.O. 14257) - ended February 2026; gold bullion exempt throughout, other 7108 lines exempt from 8 Sep 2025
10% on all imports from 12:01 a.m. EDT 5 Apr 2025 (E.O. 14257 s.3(a)) plus country-specific rates from 9 Apr 2025 as modified; goods in Annex II excepted 7108.12.10 (bullion and dore) was already in Annex II; E.O. 14346 Annex II (FR 43788-43789) marks 7108.11.00, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70 and 7108.20.00 as "Addition" for goods entered from 12:01 a.m. EDT 8 Sep 2025. Before that, cast kilobars and 100 oz bars classified in 7108.13.5500 paid the additional duty (CBP ruling N351466: "subject to an additional 10 percent ad valorem rate of duty").
Primary lawAmount not confirmed
- E.O. 14257 as modified by E.O. 14346 (IEEPA); ended by E.O. 14389
Additional duty on Russian products (9903.90.08)
35% ad valorem in lieu of column 2 rates Products of Russia in U.S. note 30(b); of heading 7108 only 7108.13.55 is listed. Moot for gold: its import is prohibited (us.ctl-russia-gold-ban)
Primary lawAmount not confirmed
- HTSUS chapter 99, 9903.90.08
Section 122 temporary import surcharge (Proclamation 11012) - gold excepted
10% ad valorem on articles of any country (heading 9903.03.01), in addition to other duties; not applied to the goods listed in U.S. note 2(aa)(ii) (heading 9903.03.03), which include every 7108 subheading: 7108.11.00, 7108.12.10, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70, 7108.20.00 Gold of HTSUS 7108 excepted ("metals used in currency and bullion", Proc. 11012 para. 14(b); Annex I para. 2; Annex II)
Primary lawAmount not confirmed
- Trade Act of 1974 s.122 (19 U.S.C. 2132); Proclamation 11012; HTSUS U.S. note 2(aa), subchapter III, chapter 99, 9903.03.01; 9903.03.03; note 2(aa)(ii)
Section 301 forced-labor tariffs on 60 economies (USTR, from 24 Jul 2026) - gold excluded
Additional 10% or 12.5% ad valorem depending on the economy (headings 9903.05.20-9903.05.84), e.g. Canada 10% (9903.05.29), Mexico 10% (9903.05.55), United Kingdom 10% (9903.05.81), Peru 12.5% (9903.05.63), Colombia 12.5% (9903.05.32), United Arab Emirates 12.5% (9903.05.80), Switzerland: for goods whose column-1 rate is under 12.5%, column-1 rate plus additional duty totalling 12.5% (9903.05.74; note 52(k)); the same top-up method applies to the EU, Japan, South Korea and Taiwan headings; not applied to articles in U.S. note 52(b) (heading 9903.05.86), which lists 7108.11.00, 7108.12.10, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70 and 7108.20.00 All HTSUS 7108 gold excluded; applies to other products of the listed economies
Primary lawAmount not confirmed
- Trade Act of 1974 s.301 (19 U.S.C. 2411); USTR notice FR Doc. 2026-15181; HTSUS U.S. note 52, subchapter III, chapter 99, 9903.05.20-9903.05.84; 9903.05.86; note 52(b)
VAT / sales tax on gold
No federal VAT or import VAT; state sales taxes vary - about 33 states exempt investment bullion or have no sales tax (Mar 2026) Bullion sales to end buyers
Secondary
BLM mining claim fees
$49 location fee and $200 initial maintenance fee per new lode claim, mill site or tunnel site; $200 annual maintenance fee (placer: per 20 acres or portion) due on or before 1 September; processing fees per 43 CFR 3000.12 ($25 per new claim on the BLM page)
Primary lawAmount not confirmed
- 30 U.S.C. 28f; 43 CFR 3830.21, 43 CFR 3830.21(a), (d)
Merchandise processing fee
0.3464% ad valorem on formal entries (19 CFR 24.23(b)(1)(i)(A)); minimum/maximum per entry $33.58/$651.50 for fiscal year 2026 (1 Oct 2025-30 Sep 2026, CBP Dec. 25-10) and $34.58/$670.86 from 1 Oct 2026 (FY2027 notice); base amounts $25/$485 CPI-adjusted; informal entries a flat fee (base $2-$9)
Primary lawAmount not confirmed
- 19 CFR 24.23, 24.23(b)(1)(i), (b)(2)

Controls

Beneficial ownership reporting under the Corporate Transparency Act applies only to a "reporting company" defined as an entity "(A) A corporation, limited liability company, or other entity; (B) Formed under the law of a foreign country; and (C) Registered to do business in any State or tribal juris…
Primary law
- 31 CFR 1010.380, 1010.380(a)(1), (c)(1)(ii)
Any trade or business receiving more than $10,000 in currency in one or related transactions must file Form 8300 within 15 days. There is no cash ceiling, only reporting.
> $10,000 cash
Primary lawAmount not confirmed
- 31 CFR 1010.330; 26 USC 6050I, 1010.330(a)(1)(i)
Gold bullion is not a 'monetary instrument' under the BSA, so the cross-border currency report (CMIR) does not apply to gold carried or shipped across the border; customs entry and EEI are the only declarations.
Primary law
- 31 CFR 1010.340; 31 CFR 1010.100(dd), 1010.340(a); 1010.100(dd)
COMEX gold delivery: one 100 oz bar or three 1 kg bars, weight tolerance 5%, minimum 995 fineness, approved brand from an approved producer complying with LBMA RGG, held in an approved depository reached through the chain of integrity.
Standard
- COMEX Rulebook, 113101; Rules 703.A, 705.A
SEC-reporting issuers that manufacture or contract to manufacture products in which gold is necessary must "conduct in good faith a reasonable country of origin inquiry" (Form SD Item 1.01(a)); if they know or have reason to believe the gold may come from the DRC or an adjoining country and may not …
Primary law
- Dodd-Frank s.1502; Exchange Act Rule 13p-1; Form SD (as adopted 2012), 17 CFR 240.13p-1; Form SD Items 1.01-1.02
Dealers in precious metals (gold of 500+ fineness among covered goods) must keep a written risk-based AML program with compliance officer, training and independent testing; retailers are covered only if they buy over $50,000 from non-dealers.
Purchased > $50,000 and sold > $50,000 of covered goods in the prior year
Primary lawAmount not confirmed
- 31 CFR 1027, 1027.100, 1027.210
HS 710812 and 710813 (non-monetary gold, unwrought other than powder, and semi-manufactured) are listed EAR 'luxury goods': "A license is required to export, reexport, or transfer (in-country) any item subject to the EAR listed in supplement no. 5 to this part to or within Russia or Belarus" (746.8(…
Primary law
- EAR 15 CFR 746.8(a)(7), (b)(3); Supplement No. 5 to Part 746, 746.8(a)(7)
Goods "mined, produced, or manufactured wholly or in part in any foreign country by convict labor or/and forced labor or/and indentured labor under penal sanctions shall not be entitled to entry" (19 U.S.C. 1307). Where information "reasonably but not conclusively indicates" such merchandise is bein…
Primary law
- Tariff Act of 1930 s.307 (19 U.S.C. 1307); 19 CFR 12.42, 19 U.S.C. 1307; 19 CFR 12.42(e)-(h)
US persons may not deal with SDN-listed parties; the 2023 multi-agency Africa Gold Advisory flags Wagner-linked gold from CAR and Sudan and conflict gold from Mali and Burkina Faso, warning of designation and penalties.
Official guidance
- IEEPA-based OFAC programs
Historical (2025 - Feb 2026): E.O. 14257 imposed an additional 10% on all imports from 5 Apr 2025 and country rates from 9 Apr 2025, with Annex II exceptions that from the start included 7108.12.10 (bullion and dore). CBP ruling N351466 (31 Jul 2025) classified cast 1 kg and 100 oz bars from Switzer…
Primary law
- E.O. 14257; E.O. 14346; E.O. 14389; Proclamation 11012; HTSUS U.S. notes 2(aa) and 52
Import into the US of gold of Russian Federation origin is prohibited unless licensed by OFAC; gold of Russian origin located outside Russia before 28 June 2022 is excluded.
Primary law
- E.O. 14068 as amended by E.O. 14114; OFAC Determination (effective 28 Jun 2022, amended 22 Dec 2023), E.O. 14068 s.1(a)(i)(A) (as amended by E.O. 14114 s.3(a)); delegation 31 CFR 587.802

Leg 3: Canada

Back in the origin country: the proceeds of the export

34
Buy refined bars from the refiner (zero-rated first supply) or from another holder (exempt resale); non-qualifying forms (granules, below 99.5%) are taxable
Who
Bullion dealer (dealer in precious metals and precious stones)
Issues
Invoice for sale of refined bars (zero-rated first supply by the refiner / exempt resale)
Primary law
- Excise Tax Act, s.123(1); Sched VI Part IX s.3
35
Identify the counterparty and keep the $10,000+ record; report cash of $10,000+ (LCTR), virtual currency (LVCTR), suspicious or sanctions-evasion activity
Who
Bullion dealer (dealer in precious metals and precious stones)
Issues
Record of $10,000+ purchase or sale and client identification; Large cash transaction report; Large virtual currency transaction report; Suspicious transaction report
Primary law
- PCMLTF Regulations, ss.65, 66, 126, 148
36
Settle by bank wire or by transfer between metal accounts (e.g. at the Royal Canadian Mint); no foreign-exchange surrender or repatriation step
Who
Canadian bank (bullion desk / payments)
Issues
Settlement confirmation / metal-account transfer
Industry practice
Absence of exchange control is background knowledge; no official statement was read.

Crossings between countries

Canada → United States Researched
Papers that cross: Ontario prospector's licence; Registered mining claim (MLAS); Registered exclusive exploration right (Quebec); Mining lease; Filed closure plan with financial assurance; Doré bar number and mine weight/assay record; Refining (toll) agreement, mine - Canadian refiner; Refiner outturn assay and settlement statement; Bar list of refined bars (GD 400 oz, 100 oz, kilobars); CERS export declaration and proof of report number; Air waybill

Paperwork gaps

us.st-21 expects Packing list; the earlier legs don't model this paper