Buying Gold in Switzerland 2026: Dealers, Premiums, VAT and Practical Guide

Anyone wishing to invest physically in gold in Switzerland faces a wide range of options. Bars in various sizes, gold coins from around the world, gold ETFs and gold accounts — each investment form has specific advantages and disadvantages that depend on investment horizon, investment size and personal preferences.

Physical Gold Bars: The Classic Approach

Gold bars are the most cost-efficient form of physical gold investment. In Switzerland, PAMP Suisse and Argor-Heraeus are two of the world's most renowned refineries. Common sizes range from 1 gram (approx. 115 CHF) to 1 kilogram (approx. 115,000 CHF). Important: the smaller the bar, the higher the relative premium over spot price. A 1g bar often costs 20 to 30 percent over spot; a 1kg bar only 0.5 to 1 percent over spot. Fiscally, gold bars in Switzerland are exempt from VAT (VAT exemption for investment gold). Capital gains for private individuals are generally tax-free.

Gold Coins: Numismatic Value as a Bonus

Gold coins such as the Goldvreneli (5.806g fine gold / 6.451g total), the Krugerrand (1 oz) or the American Eagle offer physical gold with often higher recognition value. The premium on coins is generally higher than on bars (3 to 10 percent), but offers better liquidity on resale through numismatic channels in return.

Gold ETFs: Liquidity and Simplicity

For investors who do not wish to store gold physically, gold ETFs such as XETRA-GOLD (ETC0196) or the ZKB Gold ETF (ZGLD) offer a simple alternative. These products hold physical gold in custody; the shares can be traded on the stock exchange daily. The biggest advantage: no storage costs, high liquidity. Disadvantage: counterparty risk with the issuer.

Gold Accounts at Swiss Banks

Cantonal banks, UBS and ZKB offer gold accounts in which gold is held in unallocated form. The risk: in the event of bank insolvency, the gold is not segregated — it forms part of the insolvency estate. For larger amounts, an allocated gold account (with physically assigned bars) is safer but more expensive.