"Since the financial crisis of 2008, gold has gone mainstream"
- The refinery's managing director, Mehdi Barkhordar
Switzerland is widely expected to remain world's gold hub, as four of the world's biggest gold refineries are located in Switzerland. Despite the fact that there are no gold mines in the country, two-thirds of the world's gold is processed in Swiss refineries, which are owned by the nation's banks. During the 2011, 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. As the global economic crisis continues, investors are considering gold as one of the safe commodities, pushing prices to around $1,700 per ounce.
"It's to do with history," explains Roberto Grassi of the Fidinam financial consultancy. "The big Swiss banks owned the refineries. During World War Two, because of the large amount of gold that was stored in Switzerland, the banks decided to set up their own refineries, producing bars."
"Since the financial crisis of 2008, gold has gone mainstream," says the refinery's managing director, Mehdi Barkhordar. "People no longer could have certainty that their banking system was going to be intact, or even that their country's financial system would be intact… hence the big demand for gold bars and gold coins."
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