Skip to content 
For a long time, buying gold in Switzerland was a matter for major investors and bank customers with large deposits. That has changed. Today, you can buy physical gold from 1 gram, have it stored digitally and view it at any time, without a bank deadline and without a minimum five-digit amount. At the same time, many investors are asking themselves the same question: Does gold belong in the portfolio? And if so, how much, in what form, and what does it really cost?
This article answers all your questions about buying physical gold in Switzerland. We take a look at what distinguishes physical gold from gold ETFs, how you buy and store it in Switzerland, what the taxes say about it, and what the Swiss franc portfolio analysis 2026 with 50,000 simulated portfolios shows the role of gold in the Swiss portfolio.
Gold is not a panacea. It pays no dividends, produces no cash flow and does not grow like a company. If you are just starting out and need every franc to build up your wealth, you should first build up a solid equity portfolio. Gold comes afterwards.
However, if you are already invested and want to hedge your portfolio, the calculation is different. Gold behaves differently to shares, differently to bonds, differently to property. That's exactly what makes it valuable.
Gold makes sense if you:
Gold makes less sense if you:
In short: gold belongs in the portfolio, but only once the foundations are in place.
There is no universal number. What there is: Data.
In the Swiss franc portfolio analysis 2026 (50,000 simulated portfolios, 2004-2026, in CHF, after costs), a gold share of 5% already reduced the maximum loss noticeably, from -52% to -49%. With 10% gold: -46%. The effect is linear and stable in our simulations, but depends on the period and model selected. In the same period analysed, the CHF appreciated significantly against the USD, which weighs on the CHF yield of USD investments.
A study by the University of Zurich (2025) caused a stir with the headline «30% gold recommended». The reality is more nuanced: without rebalancing, the optimal proportion of gold is between 0% and 4%, depending on the assumptions, according to the study. With consistent monthly rebalancing, the modelled ratios are significantly higher. (To the study) Depending on the portfolio and methodology, the World Gold Council also shows sensible strategic gold ratios in the low to mid single-digit range, and even higher in individual model portfolios. (Source)
Our conclusion: For many Swiss private investors, a gold admixture of 5-10% be useful. We would only recommend more than 10% in exceptional cases.
| Investor type | Gold share | Why |
|---|---|---|
| Growth-orientated (80%+ shares) | 5% | Small buffer, return remains in the foreground |
| Balanced (mix of equities/bonds) | 7% | Stabiliser without a major brake on returns |
| Defensive (much built up, much to protect) | 10% | Hedging against crises and currency risks |
And in any case: consistent rebalancing. Gold only realises its full value if you buy more during crises and sell some of it during sharp rises.
Your key to success! Discover our top recommendations from real testimonials.
There are two fundamentally different ways to add gold to your portfolio. Both are justified, but they are not the same thing.
Physical gold means that you invest in physically backed gold instead of just a security. Either directly as bars at home, or as shares in physical gold bars with a provider such as will be.
A gold ETF or gold ETC is a financial product that tracks the price of gold. Easy to trade, low costs, but you are investing in a security. You do not hold individual bars yourself. An ETC is also a debt security of the issuer, not a special asset.
| Criterion | Physical (third-party custody) | Gold ETF / ETC |
|---|---|---|
| Ownership | Co-ownership of physical gold bars (collective custody, right to segregation in the event of insolvency) | Securities entitlement |
| Issuer risk | No classic issuer risk; co-ownership of collective holdings with right to segregation in the event of insolvency | Medium (ETC) / low (ETF) |
| Storage costs | 0.3-0.5% p.a. | 0.1-0.4% p.a. |
| Tradability | High, with spread | Very high, every trading day |
| Access | From 1 gram (e.g. willbe) | From a few CHF |
| Crisis preparedness | Funds (physically deposited, but held in third-party custody) | Conditional |
| Taxes CH | VAT-exempt, property tax | VAT-exempt, property tax |
If you want gold primarily as portfolio diversification and do not value physical ownership, a Swiss gold ETF, such as the ZKB Gold ETF, is a good choice. Find out more in our Gold ETF article.
A frequent counterargument: «The ZKB Gold ETF is physically backed and allows physical delivery.» This is technically true, but is hardly relevant for private investors. Delivery is only made in standard bars of approx. 12.5 kg, which corresponds to several hundred thousand francs. This is not a real option for the vast majority of investors. If you really want to hold physical gold in your hands or have it delivered in small quantities, you need a different solution.
If you want physical property but don't want to buy your own safe or take out separate insurance, a digital solution like will be the easiest entry: from 1 gram, with 0.5% spread on the gold price, physically deposited in Liechtenstein and viewable live via webcam. More on this in the next section.
There are three realistic paths.
UBS, ZKB and other cantonal banks sell physical gold. The advantage: well-known brand, uncomplicated process. The disadvantage: spreads are often higher (0.8-1.5%), and storage in a bank vault costs an additional 0.3% p.a. A solid option for larger positions of 100g or more.
There are specialised precious metal dealers in Zurich, Bern and Basel. Spreads similar to banks, but personalised service and the option of taking gold home directly. Useful for larger quantities and for those who value personal contact.
The most modern option for beginners and anyone who wants to start small. With willbe, for example: buyable from 1 gram, physical storage in Liechtenstein, storage fee 0.5% p.a. Vault and insurance are included, no bank appointment necessary. More about willbe in our willbe experience report. More on this in the next section.
| Provider | Access | Spread | Storage costs | For whom |
|---|---|---|---|---|
| Large bank (e.g. UBS) | From 1g | 0.8-1.5% | ~0.3% p.a. | Traditional investors, large positions |
| Local gold shop | From 1g | 0.8-1.5% | Own solution | Who wants to buy personally |
| will be | From 1g | 0.5% Spread | 0.5% p.a. | Entry, small to medium amounts |
Anyone who buys gold from a dealer or bank always pays a premium on the world market price. This spread is one-off, but is very significant depending on the unit size. A 1-gram bar can be significantly higher than the world market price because the production costs are high relative to the value. The spread decreases for larger bars. willbe also charges a spread of 0.5%, but no separate buying or selling fee. Overall, this puts willbe well below the usual spreads charged by banks and gold shops.
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
How you store gold is almost as important as the decision to buy it. There are three options to choose from.
Maximum control, no counterparty risk. But: A good safe costs CHF 2,000-5,000, must be firmly anchored and insured separately (approx. 0.5-1% p.a. of the gold value). In addition, nobody but you should know that you have gold at home. An option for small quantities up to approx. 50g, above that it becomes expensive and risky.
Proven and uncomplicated. Storage fees at Swiss banks are around 0.3% p.a. No risk of burglary, but dependent on opening hours and bank relationship. Important: The contents of a bank safe deposit box are generally not insured. Insurance is the responsibility of the tenant, and many household contents insurance policies do not cover the contents of a safe deposit box, or only inadequately. Separate valuables insurance is required for larger gold items.
Physical security like a bank vault, but digitally accessible. At willbe, the gold is stored in the vault of the Liechtensteinische Landesbank (LLB, Moody's Aa2) in Vaduz. Storage fee 0.5% p.a. You can view your gold holdings at any time via the app, including a live webcam in the vault. The most accessible solution for beginners and anyone who doesn't want their own vault.
| Option | Storage costs | Buy spread | Insurance | For whom |
|---|---|---|---|---|
| Home (safe) | CHF 2’000-5’000 one-off + 0.5-1% p.a. | Variable | Separate insurance required | Small quantities, maximum control |
| Bank vault | ~0.3% p.a. | 0.8-1.5% | Not included, tenant bears risk | Large positions, traditional |
| willbe (digital) | 0.5% p.a. | 0.5% Spread | Included according to contract (theft, robbery, natural hazards) | Entry, small to medium amounts |
🤝 Transparency: This section was written in collaboration with willbe. Eric Marschall opened a willbe Gold Depot for this article, tested the platform extensively and incorporated his experiences directly into this article. More about the platform in general in our willbe experience report.
willbe is the financial app of the Liechtensteinische Landesbank (LLB). The LLB has been in existence since 1861, has a Moody's rating of Aa2 and Liechtenstein is rated AAA by S&P. The gold is physically stored in the vault in Vaduz.
You acquire co-ownership of a collective holding of physical gold bars on a fractional basis. This sounds technical, but it has an important practical advantage: in the event of the bank's insolvency, there is a right to segregation in rem. The gold is not part of the bankruptcy estate and is stored separately from other bank assets. In principle, physical delivery can be requested.
The stored gold is insured by willbe against theft, robbery and natural hazards. The costs for this are borne by willbe and are included in the storage fee.
| Position | Costs |
|---|---|
| Account opening | CHF 0 |
| Minimum amount | None |
| Minimum unit | 1 gram |
| Maximum transaction | 1 kg per order |
| Spread | 0.5% (no separate buy/sell fee) |
| Storage fee | 0.5% p.a. (charged quarterly) |
| Home delivery | Approx. CHF 150 lump sum plus bar charges |
| Collection in Vaduz | Approx. 5 working days lead time |
You can see your gold live in the vault via the app. Your share in grams, in CHF, with current performance. Physical, tangible, real.
For individual purchases, you buy manually during the current trading hours: Monday to Friday, 9 am to 10 pm. No limit orders, you buy at the current market price.
With a savings plan, you set up a recurring purchase: weekly, monthly or quarterly. You specify the number of grams (min. 1g) and the savings plan is executed at the next available trading time. For most investors, the savings plan is the better choice. You benefit from the average cost effect and don't have to worry about timing.
Exclusive: From June 2026, willbe will also offer silver, palladium and platinum in addition to gold (according to the willbe team).
From 1 April to 30 June 2026, new customers will receive 1 gram of gold free of charge when they open a gold savings plan and execute it six times.
🎁 Start a gold savings plan now and secure 1 gram of gold: To the action at willbe
Good news first: investment gold is exempt from VAT in Switzerland.
Capital gains: tax-free
If you buy gold for CHF 10,000 and later sell it for CHF 15,000, you do not have to pay tax on the profit of CHF 5,000. Capital gains from precious metals are tax-free for private individuals in Switzerland.
There is one exception: Anyone who trades commercially, i.e. with high frequency, short holding periods and external financing, can be categorised as a professional trader by the tax authorities. Income tax is then payable. For the vast majority of readers who hold gold as a long-term investment, this is not relevant.
Property tax: applies
Gold must be declared as assets in the tax return. The wealth tax depends on the canton and municipality and varies depending on the place of residence and assets. It usually remains manageable for smaller gold positions.
VAT: none
Investment gold in the form of bars or coins is exempt from VAT. This applies to both physical gold and gold ETFs.
"Intelligent people learn from the mistakes of others".
We have compiled our top selection for you from all our tests and experience reports:
Physical gold is easier to access in Switzerland than ever before. You don't need a bank appointment, large assets or your own vault to get started.
The Schwiizerfranke Portfolio Analysis 2026 shows that a gold allocation of 5-10% has stabilised portfolios in crises in the past without significantly impacting returns. Gold is not a yield component, but a stability component.
First decide how much of it suits you. Then choose the right way: If you want to start digitally and buy from 1 gram with a comparatively low spread, willbe is a good choice. If you want to build up larger positions, value personal contact or prefer a traditional Swiss banking relationship, you can also do well with a major bank or a local gold shop. And in any case: set up a savings plan and rebalance consistently.
More on the topic: our Gold ETF article, the willbe experience report and the Broker comparison.
🎁 Promotion until 30 June 2026: Start a gold savings plan and get 1 gram of gold for free. To the action at willbe
No investment advice. This article was written in co-operation with willbe. The assessments are based on our own independent analyses.
Yes, investment gold in the form of bars and coins is fully exempt from VAT in Switzerland.
The Schwiizerfranke portfolio analysis 2026 shows: 5-10% can make sense, depending on the risk profile. Growth-oriented investors: 5%. Balanced: 7%. Defensive: 10%.
«There is hardly any such thing as »too expensive" when it comes to long-term additions. If you set up a gold savings plan and buy small amounts every month, you benefit from the average cost effect and don't have to worry about timing.
Historically, yes: In the USA in 1933 under Franklin D. Roosevelt, private individuals were obliged to hand over their gold. Roosevelt, private individuals were obliged to surrender their gold. This is extremely unlikely in Switzerland today. No Western country currently has gold bans, and Swiss private assets are legally protected. No cause for paranoia, but fair to mention.
A different jurisdiction brings structural diversification, but is not protection «outside the system». Liechtenstein and Switzerland are closely linked in economic and regulatory terms. From a tax perspective, gold in Liechtenstein must still be declared in the Swiss tax return. The real advantage is geographical diversification within stable jurisdictions.
At major banks such as UBS or ZKB, at local precious metal dealers in Zurich, Bern and Basel, or digitally via providers such as willbe from 1 gram with a spread of 0.5%.
Yes, you need a good safe (CHF 2,000-5,000), you have to insure it separately and make sure that nobody knows about it. An option for small quantities up to approx. 50g, but professional storage is recommended for larger items.
No. Capital gains from precious metals are tax-free for private individuals in Switzerland.
A gold ETF is a financial product that tracks the price of gold. You invest in a security and do not hold individual bars yourself. With physical gold from a provider such as willbe, you invest in shares of physical gold bars that are held in collective custody in the LLB vault. In the event of the bank's insolvency, there is a right to segregation.
Historically, gold has maintained or increased in value during equity crashes. The Schwiizerfranke Portfolio Analysis 2026 shows that even 5% of gold has significantly reduced the maximum loss of a portfolio in past crises. This is not a guarantee, but the data is consistent.
The LLB has a Moody's rating of Aa2 and has been in existence since 1861. Liechtenstein is rated AAA by S&P. Reliable, even if less well-known than the big Swiss banks.
Eric is the founder of Schwiizerfranke.com and certified IAF wealth advisor. Since 2019, he has been helping Swiss citizens to organise their finances comprehensibly, independently and efficiently.
📌 Note: This article is for information purposes only and does not constitute personalised investment advice.