Secret Swiss Gold Vault Storage on the Rise
Ever since the financial crisis of 2008, many investors have bought gold and precious metals to withstand the storm of volatile markets and insolvent banks. Demand for gold storage services is so in-demand throughout the world, Switzerland vault owners are turning customers away. Many of these Swiss vaults reside in the Alps within old military bunkers converted to high-tech facilities catering to the wealthy.
In a recent Bloomberg interview, one Swiss vault owner claims to have the largest stash of privately stored gold reserves in the world. Like a character out of a James Bond film, the owner spoke under the condition of anonymity, explaining he feared disclosing the name of his company because it would put his gold stores at the mercy of thieves.
As if being in the heart of the Swiss Alps wasn’t enough protection, the secret Swiss stash also comes standard with a bulletproof vest-donning guard, metal doors set in granite, and a 3.5-ton metal portal that opens via code and iris/facial scan.
Another safety feature almost as valuable for some depositors is the tax shelter. Unlike Swiss banks, Swiss gold storage firms aren’t obligated to report suspicious transactions to federal regulators. U.S. depositors aren’t required to declare gold stored outside financial institutions, so anonymity is also afforded to customers.
There are about 1,000 old military bunkers dotting the Swiss Alps. The defense department has sold several hundred in recent years, of which, about 10 have been converted to gold and computer data storage units.
The interview also included the founder of Swiss Data Safe, Dolf Wipfli, who said his company and others like it aren’t “regulated by the Swiss financial-services regulator Finma”. Such discretion is obviously an attractive perk for the secretive elite. Swiss Data Safe’s offerings certainly cater to owners of all types of valuables. The company also offers “conservation and restoration” services for artwork, including “grottos and spectacular panorama halls” displaying customers’ works of art to clients, family members or friends.
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