Gold refineries - another Swiss money-spinner

[Gerald]

Gold refining and production of gold bars are thriving in Switzerland

The tranquil hills of southern Switzerland are famous for their palm trees, wine and the culture their villages share with neighbouring Italy.

But there is something else this region can boast of, although no-one cares to boast too loudly - gold.

Four of the world's biggest gold refineries are in Switzerland, three of them in the southern canton of Ticino, and - although there are no Swiss gold mines - it is estimated that two-thirds of the world's gold is refined in Switzerland.

"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."

Today the banks do not own the refineries anymore, but gold refining and production of gold bars are thriving.

In 2011, the latest year for which figures are available, more than 2,600 tonnes of raw gold was imported into Switzerland, with a value of $103bn (£64bn).

http://www.bbc.co.uk/news/world-europe-20813983

Some gold bars, one of the woman's best friend.

Note: 26 December 2012 Last updated at 00:34 GMT