As gold prices continue to rise, its allure remains undeniable, attracting a broad range of investors, not just the ultra-wealthy. From major bullion investments to smaller purchases like gold sovereigns for pension planning, the trend of turning to gold is stronger than ever. Last year, the Royal Mint saw a “record year” in customer purchases, with gold bullion sales up by 153% compared to the previous year. Gold prices soared by 28% in 2024, driven by a range of factors, including global political instability, the climate crisis, and lingering economic uncertainty. In times of turbulence, many are once again seeking the security gold has offered for millennia.
For some investors, gold storage has become an exercise in extreme discretion and high security. A vault in Zurich provides a glimpse into this world, where the wealthy and security-conscious store their gold in near-total secrecy. Visitors are ushered into an unassuming office building, where the true nature of the operation remains hidden behind layers of security and logistics. The second floor, adorned with airline and logistics firm emblems, is home to a high-tech meeting room equipped with live surveillance feeds from the vault below.
The vault’s location is part of Switzerland’s unique appeal as a gold storage hub. As the world’s gold refining capital, Switzerland is home to 50–70% of global gold refining. Many vaults, as explained by Egon von Greyerz, founder of the firm overseeing the storage operation, are strategically located in airports for high security and ease of transport. However, Swiss vaults offer something more: a discreet and secure method for clients to store and sell their gold, a market that operates with a global spot price but also accounts for production and handling costs. “We buy gold directly from refineries for our clients, always freshly minted,” von Greyerz explains. “We manage the practicalities of storage, and clients can inspect their assets at any time.”
Once visitors are cleared through identity checks and pass through multiple layers of security, they descend into the vault area, where strict procedures and armed guards ensure the safety of valuable assets. The vault itself is a vast, secure space, filled with gold and silver bars stacked between crates and boxes. While the precise value of the holdings is confidential, the scale of the operation is staggering. For context, a standard 12.5kg gold bar is worth about £880,000.
The vault also houses a variety of gold products. Among them are Britannia gold coins, which have significantly appreciated in value since von Greyerz’s first investment in 2002. At that time, a Britannia coin was worth £200; by June 2024, it had reached £1,850, and as of early January 2025, it exceeded £2,200. Other items stored include 100g gold bars and 1kg bars, each worth around £70,000.
Von Greyerz has spent over 25 years in the business of buying, selling, and storing precious metals for the ultra-wealthy. His firm has high minimum investment thresholds: $400,000 to store gold in Zurich or Singapore vaults, and $5 million for storage in a secret vault deep in the Swiss Alps. Despite the steep entry requirements, the appeal of gold as a secure, tangible asset remains strong, with investors flocking to it as a safeguard against the uncertainties of the modern world.
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