As is often the case in Switzerland, billions are well hidden. The scene unfolds in an unassuming industrial and commercial zone in Mendrisio, in southern Switzerland. Equidistant from Lake Lugano on the Swiss side, and Lake Como on the Italian side, the location is close to Italy, which provides 80% of the labor force. There, one can see, among other things, factory outlets, a home-improvement retailer, and a coffee roaster. Also discreetly located there is Argor-Heraeus, a subsidiary of the German technology company Heraeus, specializing in precious and specialty metals. The complex is hidden from the bystander’s view by a 4-meter-high concrete wall topped with barbed wire. The only door resembles that of a prison.
It’s worth noting that the raw material at the heart of this facility cannot be found in supermarkets. “We have a refining capacity here of 1,380 metric tons of gold per year, almost four metric tons per day, which doesn’t mean we’re operating at full capacity all the time, even though we just went through three particularly busy months,” said Robin Kolvenbach, co-managing director of the company, who refused to disclose the value and quantity of physical gold passing through these walls.
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