Global Intergold: Why is Switzerland associated with gold?
Switzerland is not particularly rich in natural resources, yet it always takes a top spot in the world's richest countries ranking.
How does the country manage to reach this position and how does gold participate in the nation's wealth? Read the article!
The Alpine Republic is world renowned for its watches, chocolate, knives and banking system. But there is another symbol, an intrinsic part of the country – gold, which plays a major role in Swiss welfare.
Swiss gold mining and gold reserves
According to the latest data (June, 2015) Swiss gold reserves amount to 1040 tons, ranking 7th in the world. Nonetheless, the largest part of the reserves do not come from national mining. Gold was mined until 1961 when the last deposit was closed; though small quantities of gold nuggets can still be found in some rivers.
Evidently, gold mining is not the backbone of the Swiss economy. The reduced natural resources forced the country to search for alternatives to make a profit with gold. That's how Switzerland started to provide gold international trade services.
How has Switzerland taken one of the leading positions in the global gold trade?
The main factors are gold export and import, which figures have been growing steadily of late. In comparison to April 2014, in April 2015 the Swiss gold import amounted 3,500 tons increasing by 60% - mainly because of Turkish gold. And exports amounted 3,900 tons increasing by 23% - it could be highlight that the main buyer is India.
Another aspect is the possession of large gold refineries. Swiss factories refine around 70% of the world gold. Besides, Switzerland has a historical tradition of gold trade. The precious metal has been traded on the territory of the country for ages.
Owing to these factors, Switzerland has secured a foothold in global gold trade. What else should be known about gold trading?
The success of the country promotes the development of the gold business on its territory. The Global InterGold Online Gold Shop buys and sells gold worldwide and has chosen Switzerland for the opening of its representative office. The Online Gold Shop customers are fully aware of gold advantages in the economic arena.
Learn more detailed information about the Online Gold Shop from the president himself: Global iGold President's video about the qualities of gold: key to your financial welfare
