Switzerland – A Long Tradition in Gold Custody
Long called “Banker for the World” Switzerland has a long tradition in financial stability, and in maintaining its political neutrality, including during both world- wars. It’s considered by many to be the gold capital of the world, at times surpassing even London in its ability to meet bullion market demands.
In modern history the perpetual neutrality of Switzerland and the inviolability of its territory was guaranteed by Austria, France, Great Britain, Portugal, Prussia, Russia, Spain and Sweden in 1815. In 1848 a new constitution was approved which in turn was superseded in 1874 by the present constitution by the free choice of its people through referendum. Its constitution is unique and is viewed by many modern political analysts as a model constitution to be considered.
Switzerland takes fifth place on the scale of “Economic Freedom of the World” and its continued stance in respect to privacy of individuals (endorsed under Article 13 of the Switzerland Constitution) places it high on the priority list of jurisdictions conducive to good business and lifestyle.
Switzerland is home to the Bank of International Settlements, UBS (the worlds largest private bank) and the gold vaults of AFE. More information on Switzerland and its unique position in the world of gold is available in Philip Judge’s book, ‘Stories from the Desk of a Bullion Banker’
The Americas – Panama
In the middle ages, the Spanish opened up the vast treasure chest of South American gold and silver to the world.
From the 1560s to the early 1700s, an incredible two billion pesos in precious metals was bought from the Pacific Americas (primarily Peru) to Panamá Viejo and carried by mule and slaves over the Isthmus of Panamá (the Continental Divide) to the waiting Spanish Galleons in
Panama City - Bay View
Panamanian Atlantic waters. At its narrowest point, the harsh and dangerous Las Cruzes Trail (Trail of the Cross) represented a land crossing of just eighteen miles, yet history records that many of the thousand mules and men perished while making each crossing. Today one can take a short drive from Panamá City and walk through the vast underground vaults of Fort San Lorenzo built by the Spanish in the 1500s for the safe keeping of gold and silver awaiting its trip to Spain. To this day Panamá remains a vitally important financial center and crossroads of the world.
Eventually, as history has demonstrated so many times, Panamá would strive to break free of Spain’s high taxing, highly regulated imperialistic grip by at last conclusively freeing itself of Spain one hundred and eighty four years ago. Panamá, sometimes referred to as the Switzerland of the Americas, went on to become a model of the free market economy, and today is clearly one of the last bastions of the free market left surviving in the world. Continuing in this established tradition, AFE maintains its America’s operations from Panama.
