Syndicate
Zurich Gold Market
The Zurich market is controlled by the big Swiss commercial banks. These first came into the world gold market by persuading African that they would be better system for Africa’s gold than London, especially since the Swiss banks were going to be the buyers in the end instead of being the intermediaries like the banks in London. Russia, which was at the time the second largest producer of gold in the world in the 1970’s started to ship its gold to Switzerland. This is then how Zurich became the greatest dealer of physical gold bullion in the world and was making shipments all over the world.
It was once said that gold is as much a part of Switzerland as the Alps is to skiing. There are a great number of private sector gold holders that go to Switzerland in order to store a great amount of their assets in gold. Switzerland is highly admired for its laws on secrecy and many individuals prefer them to their own country. Switzerland has a reputation of handling money astutely and prudently. Due to this, a great amount of the world’s privately held gold is secretly kept in Swiss vaults.
Zurich continues to trade while the London market opens, this in essence means that gold works itself around the world every single day without resting.