The new gold rush: why the precious metal has lost none of its allure
The price of gold continues to rise, but who buys it, and where do they keep it? We head to Geneva’s secret vault and meets the dealersThere’s a secrecy to the specifics of our planned rendezvous, when I meet a sharp-suited Egon von Greyerz in Zurich airport’s arrivals hall. Hands shaken, he guides us out of a side entrance towards a car park in a quiet corner of the sprawling complex. Roughly 30,000 people work in and around the site; annually, tens of millions of passengers pass through here. Scarce few are aware of the existence, let alone the precise location, of our intended destination: a high-security, 350sqm vault somewhere deep beneath us. Inside it, vast quantities of gold, much of it belonging to von Greyerz, and a roster of his company’s exceedingly wealthy international clientele.For more than 25 years, von Greyerz has been in this business: buying, selling and storing precious metals for the super-rich, all the while preaching his golden gospel. “We set certain minimum levels,” he says, “to invest through us: $400,000 to store gold in this Zurich vault, or our similar one in Singapore. We use another deep in the Swiss Alps: you’ll need to invest $5m to have anything there.” Continue reading...Weiter zum vollständigen Artikel bei TheGuardian
Quelle: EN, TheGuardian
