Swiss hoard gold worth almost CHF15 billion

Swiss hoard gold worth almost CHF15 billion. Keystone-SDA

An estimated 200 tonnes of gold, worth almost CHF15 billion ($17.3 billion), is privately owned in Switzerland. The owners store a fifth of this at home.

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This is the conclusion of the “Precious Metals Study 2024” conducted by the University of St Gallen (HSG) on behalf of the precious metals dealer Philoro.

Based on a survey of 3,000 participants, the HSG estimates that around 22% of the population owns an average of around 101 grams of gold per capita, worth CHF7,521.

However, gold in the form of jewellery was not taken into account.

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Less popular

The popularity of the precious metal has been declining for years, despite the rise in the price of gold.

According to Sven Reinecke, head of the HSG study, only 28% of those surveyed currently prefer precious metals as an investment. Real estate (47.6%) and the classic savings account (34.2%) were much more popular.

Nevertheless, 65% of respondents consider gold and other precious metals to be a “sensible” investment. The main reasons given for this were the stability and long-term nature of the investment.

A large proportion of gold owners also continue to trust banks when it comes to storing their precious metal. For example, 39% of investors rely on bank safes, while around 18% use a safe at home.

‘Emergency sales’

When privately owned gold is sold, this is usually done out of necessity. For example, 43% of those surveyed who have already sold precious metal cited an “emergency sale” as the reason.

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However, more and more gold owners are now selling at least part of their holdings in order to realise a profit. According to Reinecke, their share has increased compared to previous studies.

“The sharp rise in the price of gold and the media coverage of it have probably contributed to the fact that the yield on the yellow precious metal has come more into focus recently,” said Christian Brenner, managing director of Philoro Switzerland.

Translated from German by DeepL/ts

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