"In an average year, Switzerland refines about 70 per cent of world gold"
- Frédéric Panizzutti, spokesman of MKS (Switzerland) SA
Almost all gold produced in the world was transited physically through Switzerland during the 2011, the data from the U.S. Geological Survey showed Friday. Over 2600 metric tons, out of the 2700 tons which were mined in the world last year, with a total value of $103 billion were refined in Switzerland, as it is the only country in the world, where gold purity is regulated by law.
"In an average year, Switzerland refines about 70 per cent of world gold," according to Frédéric Panizzutti, spokesman of MKS (Switzerland) SA, a Geneva-based company, which specialises in gold trading and which owns the Pamp refinery in Castel San Pietro, Ticino.
"A refinery produces not just gold bars, but semi-finished products, like coins and medals, which require a high degree of precision. Switzerland has always maintained itself at the top as regards quality and there is no reason why that should change now."
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, rose 0.02 per cent to 6,655.20. The broader Swiss Performance Index remained unchanged at 6,139.18.
© Dukascopy Bank SA