Swiss gold vaults run out of room

It is not a problem that most of us face, but apparently Swiss banks have run out of storage space for gold bullion.

It appears that fears of hyper inflation, the current recession and the success of gold index funds has seen a surge in precious metals investment, in particular gold. This in turn has led to the necessary secure storage space needed to hold it rapidly going.

According to MineWeb, the situation has gotten so 'bad', that one Swiss bank has had to relocate some of its stored silver bullion to another site to make room for gold deposits.

Many Swiss banks are now operating a "first come, first served" policy on their remaining gold storage space.

A Swiss banker was quoted as saying, "We have the need to store more gold for our clients but are finding it difficult to find secure storage facilities".

Gold storage not only requires secure space but also state of the art security in place, which is what is making the gold holding task more difficult. As a result few banks will divulge exactly where their gold is stored.

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