Secret Alpine Gold Vaults are the New Swiss Bank Accounts

Bushra Zia

Secret Alpine Gold Vaults are the New Swiss Bank Accounts

swiss bank.jpgPublished: September 30, 2016

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Article Overview

“Deep in the Swiss Alps, next to an old airstrip suitable for landing Gulfstream and Falcon jets, is a vast bunker that holds what may be one of the world’s largest stashes of gold.

Demand for gold storage has risen since the 2008 financial crisis. Many of the wealthy see owning gold as a hedge against the insecurity of banks and a reasonable investment at a time when markets are volatile and bank accounts and low-risk bonds pay almost no yield. It may also be a way to avoid the increasing scrutiny of tax authorities.

Of the roughly 1,000 former military bunkers still in existence across Switzerland, a few hundred have been sold in recent years, and about 10 are now storage sites holding gold as well as computer data, according to the Swiss defense department.” (Bloomberg Businessweek)

Discussion

The military bunkers converted to gold storages reminds one of Aladdin’s adventures in the Arabian Nights. There are always loopholes for the rich to circumvent in protecting their wealth. And Switzerland is notorious for it.

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