Inside the Swiss refinery that produces gold bars

Thu Jan 22 2026

The secret to a century-long success is to stay out of sight. In Castel San Pietro, a town of about two thousand inhabitants in the Swiss canton of Ticino, a small, unassuming industrial building hides tons of gold behind its anonymous appearance. Behind a fence and a light line of barbed wire, lies one of the most important centers of the global gold industry, the MKS PAMP refinery.

Every year, large quantities of precious metal pass through the corridors of this factory. MKS PAMP is one of six Swiss refineries that play a key role, taking raw gold from mines around the world and transforming it into pure and brilliant gold, recognized in its final form by markets and consumers, writes La Republicca.

Activity has intensified significantly in recent weeks, as the price of gold has reached record levels almost every day, driven by geopolitical tensions. This refinery produces gold destined for the jewelry industry, but also for banks and central banks. The famous gold bars are also produced here.

A standard ingot, weighing over 12 kilograms, is worth around 1.5 million euros. Just 21 ingots placed on a pallet are worth more than 31 million euros, an extraordinary wealth packed into a minimal space.

The factory employs around 300 people in three shifts, six days a week. “We mainly process gold, silver and platinum group metals here,” explains the plant’s managing director, Phaedon Stamatopoulos. The raw material comes both from mines, in the form of semi-finished metal, and from secondary sources, including banks, trading companies and recycled materials from the jewelry industry.

The refining process starts with 150-kilogram blocks, which are transformed into almost pure gold through melting and chemical and electrical treatments. In the end, the gold takes various forms, from microscopic one-gram ingots, worth about 150 euros, to standard ingots.

The gold processing industry is vital to the Swiss economy. In 2024, almost a third of Switzerland's exports consisted of gold and precious metals, more than the pharmaceutical industry and four times more than the watch industry. About 25 percent of the world's gold passes through Switzerland each year.

The strong rise in the price of gold has also expanded the investor base. From a stable and protective asset, gold has turned into a double-digit profit opportunity, attracting more and more small investors. Through the Gold Avenue platform, connected to MKS PAMP, anyone can buy even a gram of gold, store it in a safe or take it home.

Transactions have increased by 80 percent in the last year alone, with 40 percent coming from Italian investors. The company currently manages around 650 million euros in gold assets on behalf of its clients, a third of whom are Italian citizens.

Behind the invisible and secure buildings of the Swiss valleys, gold continues to remain one of the most powerful and sought-after assets in the world.

Source: https://www.voxnews.al/