Why Is Gold Still a Safe Haven? Switzerland’s Biggest Refiner Just Answered.

Published: 06-05-2026, 12:48 pm

Gold’s job description hasn’t changed in 5,000 years. However, the people who now validate it most aren’t philosophers or sound money advocates. They’re the executives who actually process it — and their clients are national banks. 

Simone Knobloch became CEO of Valcambi on June 1, 2026. His refinery processes 1,000 tonnes of precious metals per year (Valcambi, 2026). Its customers include central banks, bullion banks, and the major international metal traders who set global spot prices. When Knobloch says “in an unpredictable world, gold is still a safe haven,” he is describing what those clients are doing with their money — not what he hopes they’ll do. 

That’s the institutional case for gold in 2026. Furthermore, it’s being made by someone whose job is to know. 

In this article: 

Why the CEO of the world’s largest gold refinery by capacity still calls gold a safe haven — and what his clients’ behavior reveals What drove central banks to buy more than 1,000 tonnes of gold per year for three consecutive years Why the source of gold now matters as much as the gold itself — and what institutional due diligence standards mean for individual investors 

What Is a Gold Safe Haven — and Is It Still True? 

Gold’s reputation as a safe haven is old. Many investors assume it is outdated. When Simone Knobloch — CEO of Valcambi, Switzerland’s largest gold refinery by capacity — spoke publicly in his first official press interview, his answer was direct. “In an unpredictable world, gold is still a safe haven.” 

That statement carries institutional weight. Valcambi processed 1,000 tonnes of precious metals in 2025 (Valcambi, 2026). Its clients are not retail hobbyists. They are national banks, bullion banks, and metal traders. When the person who runs one of the largest gold refineries on Earth reaffirms gold’s safe-haven status, it is worth understanding what he means — and why the underlying logic is stronger today than it was a decade ago. 

Furthermore, this is not simply an opinion. It is a description of behavior. Central banks purchased more than 1,045 tonnes of gold in 2024 alone, extending a 15-year consecutive buying streak (World Gold Council, 2025). They have purchased more than 1,000 tonnes per year for three straight years — roughly double the annual average from 2010 to 2021. These institutions do not buy because of sentiment. They buy because of math. 

Why Do Central Banks Still Buy Gold? 

Knobloch frames the answer precisely. Gold differs from almost every other reserve asset in one structural way: it is not consumed. Gold does not rust. It does not disappear. Therefore, the total amount of gold ever mined — roughly 201,000 tonnes above ground — remains in circulation as a physical store of value. 

Consequently, central banks can hold gold as a physical backstop in a way they cannot hold oil, copper, or agricultural commodities. When a central bank holds gold, it holds an asset whose supply grows by only about 1.5–2% per year through new mining. That predictable, constrained supply growth is precisely what makes it valuable as a reserve asset. 

Why the 2022 Sanctions Changed the Calculation Permanently

However, the buying surge since 2022 is driven by something beyond supply mechanics. It is driven by an event that changed the calculus for sovereign wealth managers worldwide. 

In February 2022, Western governments froze more than $300 billion in Russian foreign exchange reserves (Amundi Research, 2025). Dollar and euro assets held in the Western financial system were effectively rendered inaccessible overnight. This event was not lost on central banks in emerging markets, BRICS countries, or even in Western Europe. Gold, held in a national vault, cannot be frozen. It cannot be sanctioned. It cannot be blocked by SWIFT. 

As Knobloch says directly: “Definitely. Gold is a reaction to the weaponisation of the financial system.” 

The World Gold Council’s 2024 central bank survey found that nearly 70% of central banks plan to increase their gold allocation over the next five years (World Gold Council, 2024). This is not a short-term trade. It is a structural, decades-long repositioning. 

Checkout – Central banks have extended their buying streak to 15 consecutive years.  

What Makes Swiss Gold Different — and Why It Matters for Investors 

Understanding why gold from Switzerland commands a premium requires understanding what the Swiss gold infrastructure actually provides. Knobloch outlines three layers of value that go beyond the metal itself. 

Regulatory Certainty: Sworn Assayers and LBMA Accreditation 

Swiss refineries operate under a unique system of sworn assayers — independent specialists who certify the purity of every bar. This layer of third-party oversight does not exist in the same form anywhere else in the world. No refiner in Switzerland, Knobloch says, “is willing to make mistakes in the purity of gold. It is not only a reputational problem for the brand; it means the refinery will lose its accreditation.” That accreditation — LBMA Good Delivery certification — is the global benchmark for institutional gold quality (LBMA, 2026). 

Financial Infrastructure: Credit Lines During Processing 

Switzerland provides credit lines and financing during the refining process. In other gold-processing hubs, the cost of capital for holding gold during refining can be significant. Switzerland’s well-established precious metals financing system reduces that cost. Therefore, refiners can process gold more efficiently — a structural advantage that emerging hubs do not yet replicate. 

Security and Insurance Advantages 

Finally, Switzerland’s political stability translates directly to lower insurance costs. Gold is dense, valuable, and difficult to move. Processing it in a high-risk jurisdiction means paying insurance premiums that can erode margins. Switzerland’s stability is, in financial terms, a tangible input cost advantage. 

These three factors explain why Swiss gold bars — and specifically Valcambi bars, which meet both LBMA Good Delivery and COMEX delivery specifications — remain the standard for institutional gold across national banks and bullion traders worldwide. 

Checkout – gold’s role as a reserve asset has been building for over a decade.  

Why the Source of Gold Now Matters More Than Ever 

The most instructive part of Knobloch’s interview is not his bullishness on gold. It is his candor about sourcing — and what it reveals about how the gold market actually functions. 

Switzerland imported approximately 420 tonnes of gold from the UAE in a recent year. That figure is nearly three times the historical annual average of around 150 tonnes (EurasiaReview/Swissaid, 2025). The spike was partly driven by U.S. investors seeking COMEX-specification bars during tariff anxiety in early 2025 — demand that required converting non-standard bars into COMEX-deliverable form. 

Valcambi’s response to this scrutiny is instructive. Rather than disengaging from the UAE, the refinery maintains a rigorous whitelist: just two approved UAE suppliers — SAM Precious Metals and Al-Etihad Gold — out of more than 50 UAE refineries. For each delivery, Valcambi requires a statement of conformance, a declaration of origin from the supplying refinery, and an explicit written commitment that no gold from sanctioned sources is included. 

Notably, Knobloch makes a point that challenges the common assumption about who bears responsibility in the gold supply chain. “We are not the buyers,” he says. “We are service providers.” The gold Valcambi receives is sent to them by international banks and metal traders. “Everybody is looking at the refiners, but no one is asking who is sending UAE gold.” 

For investors, this matters because it illustrates how deep the institutional architecture around gold actually goes. The same standards governing Valcambi’s sourcing — LBMA Good Delivery, OECD due diligence guidelines — are the standards governing the gold in physical investment products. Institutional credibility is built into the supply chain, not added at the retail level. 

Where Gold Stands Now — and Why the ATH Isn’t the Story 

Gold is currently trading at approximately $4,379 per ounce as of June 5, 2026, 9:56 AM ET — well below its January 2026 all-time high of approximately $5,590 per ounce (goldsilver.com/price-charts/, June 5, 2026, 9:56 AM ET). Silver trades at approximately $70.11 per ounce. 

That gap between January’s peak and today’s price is not a warning sign. It reflects a specific dynamic: rising rate-hike expectations driven by above-target inflation, which compressed gold in the near term. Moreover, the structural fundamentals that pushed gold from $2,624 at the start of 2025 to $5,590 in January 2026 — central bank buying, de-dollarization, real yield compression — have not reversed. Gold gained approximately 113% in about 13 months. That kind of sustained institutional demand does not evaporate because the Fed considers one rate hike. 

Checkout – gold’s 100-year price history shows every pullback has preceded a new floor.  

Furthermore, Knobloch’s framing of gold as a “strategic asset and commodity” — not merely a crisis hedge — points to the deeper shift. Gold is regaining a role in the architecture of global finance, not just in portfolio insurance. When the CEO of Switzerland’s largest gold refinery describes gold as a strategic asset, he is describing what his clients — national banks and bullion institutions — are actually doing with it. 

Most analysis of gold focuses on one driver at a time — inflation, rates, dollar weakness, geopolitical risk. That is the surface take. 

However, what this interview makes visible is a structural convergence. Knobloch identifies three simultaneous forces: (1) geopolitical uncertainty making gold a strategic necessity; (2) sanctions weaponization making non-freezable assets essential for sovereigns; and (3) gold-producing countries now retaining their own gold domestically rather than selling it immediately into the global market. 

That third point is under-discussed. Knobloch notes that gold-producing nations are keeping more of their domestic production in their own national banks — increasing their own monetary reserves rather than selling into the global market. As a result, supply available to the secondary market is constrained precisely when institutional demand is surging. 

That combination does not describe a temporary safe-haven trade. It describes a structural revaluation of gold’s role in the global monetary system. Central banks are, in effect, voting with their reserves for a gold-backed floor under the global system — and producing nations are quietly reducing the supply available to everyone else. 

The individual investor who holds physical gold outside the financial system is, in a small but concrete way, doing what central banks are doing at scale. 

Checkout – the debasement trade explains why this dynamic tends to be self-reinforcing. 

People Also Ask 

Is gold still considered a safe haven in 2026? 

Yes. Gold is still considered a safe haven in 2026. The CEO of Valcambi — Switzerland’s largest gold refinery, whose clients include national banks and bullion banks — confirmed this directly in June 2026. Central banks have purchased more than 1,000 tonnes of gold annually for three consecutive years, validating the institutional case. 

Why are central banks buying so much gold? 

Central banks are buying gold primarily to diversify away from the US dollar and to hold a reserve asset that cannot be frozen or sanctioned. After Western governments froze more than $300 billion in Russian reserves in February 2022, sovereigns worldwide accelerated gold accumulation. The World Gold Council found nearly 70% of central banks plan to increase gold holdings over the next five years. 

What makes Swiss-refined gold different from gold refined elsewhere? 

Swiss gold carries three institutional advantages: a unique system of sworn assayers who independently certify bar purity, a well-established credit financing system that lowers processing costs, and political stability that reduces insurance costs. Swiss refiners also hold LBMA Good Delivery and COMEX delivery accreditation — the global benchmarks for institutional-grade gold. 

Does where gold comes from matter to individual investors? 

Yes, for credibility and resale value. Gold bars refined by LBMA Good Delivery-accredited refineries — which include Switzerland’s major refineries — meet the highest institutional sourcing and purity standards. This is the same certification used by national banks and bullion banks. It is built into the supply chain before gold reaches individual investors. 

What is the current price of gold and how does it compare to its all-time high? 

Gold is trading at approximately $4,379 per ounce as of June 5, 2026, 9:56 AM ET (goldsilver.com/price-charts/, June 5, 2026, 9:56 AM ET). That is below its all-time high of approximately $5,590 reached on January 28, 2026 — a gap driven by rising rate-hike expectations, not a reversal of structural demand. 

Key Takeaways 

Valcambi CEO Simone Knobloch — whose refinery processes 1,000 tonnes of precious metals annually for national banks, bullion banks, and metal traders — confirms gold remains a strategic safe haven and reserve asset (Valcambi, 2026) Central banks purchased 1,045 tonnes of gold in 2024, their third consecutive year above 1,000 tonnes — roughly double the 2010–2021 annual average (World Gold Council, 2025) The freezing of more than $300 billion in Russian reserves in 2022 accelerated de-dollarization and drove sovereign gold buying — gold cannot be frozen, sanctioned, or blocked (Amundi Research, 2025) Gold-producing nations are now retaining more domestic production in their own national reserves, constraining supply precisely when institutional demand is elevated Gold is trading at approximately $4,379/oz as of June 5, 2026, 9:56 AM ET — well below its $5,590 all-time high, but the structural case for accumulation remains intact (goldsilver.com/price-charts/, June 5, 2026, 9:56 AM ET) 

SOURCES1. Swissinfo — Valcambi CEO: In an Unpredictable World, Gold Is Still a Safe Haven, 20262. World Gold Council — Gold Demand Trends: Central Banks, Full Year 20243. World Gold Council — Central Bank Gold Reserves Survey, 20244. Reuters — Factbox: What and Where Are Russia’s $300 Billion in Reserves Frozen in the West, 20225. LBMA — Good Delivery Rules and Standards, 20266. GoldSilver — Live Gold and Silver Price Charts, June 5, 2026, 9:56 AM ET

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always consult a qualified financial adviser before making investment decisions. 

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