The market for physical precious metal depots in the Swiss customs warehouse has grown strongly in recent years and at the same time has become significantly more confusing. More than a dozen providers advertise with “VAT-free storage”, “segregated special assets” and “best conditions”. However, the actual differences are considerable:
- Purchase premiums vary between 0.50% and over 6.00%
- Storage fees p.a. range between 0.12% and 1.60%
- Sales spreads range from 0.00% to 2.00%
- Minimum deposits range from 1 CHF to 50,000 CHF
- Only a few providers enable real real-time trading, a modern app and free physical collection
The following comparison directly compares the fifteen largest and most relevant providers.
All conditions were collected on the key date of December 1, 2025 and are updated quarterly. This gives you a completely transparent overview of prices, security and service – the optimal basis for your precious metal investment in 2026.
All information is without guarantee!
| Anbieter | Website | Standort | Aufschläge Gold/Silber/Platin/Palladium | Lagerkosten p.a. | Mindesteinlage | Verkaufsgebühr | App | Webcam | 6-Augen-Prinzip | Treuhänder | Abholung möglich | Auslieferung möglich | Persönliche Beratung | Echtzeit-Handel | Handling (1-10) | Entnahme-/Auslieferungskosten | Einrichtungsgebühr | Insolvenzschutz | Preistransparenz (1-10) | Gesamtbewertung |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FlexGold | https://flexgold.com Konto mit Sonderkonditionen kostenlos eröffnen: Konto kostenlos eröffnen | Schweiz (Lager Zürich/Embrach) | 3% / 5% / 5% / 5% | 0,65–1,2 % (staffelnd) | ab 1 CHF | 0 % | Ja (4,4 Sterne) | Ja (Live) | Ja | Ja (extern) | Ja (kostenlos) | Ja (versichert) | Ja (dedizierter Partner) | Ja (5-Min-Bindung) | 9,5 | Abholung 0 CHF; Versand 50–150 CHF | Nein | Ja (Sondervermögen) | 8 | 9,9 |
| BullionVault | https://bullionvault.com | UK (Lager Zürich) | 0,5–1 % / 1–2 % / 1–2 % / 1–2 % | 0,12 % (min. 144 USD/Jahr) | keine (empf. >2.000 USD) | 0,5 % | Ja | Ja | Nein (LBMA) | Nein (nur Audits) | Ja (mit ID-Prüfung) | Ja | Nein (nur Support) | Ja (Live-Orderboard) | 7,0 | Abholung 100–500 USD; Versand + MwSt. | Nein | Ja (LBMA, Bruchteilseigentum) | 8 | 9,0 |
| Solit | https://solit-kapital.de Konto mit Sonderkonditionen kostenlos eröffnen: Konto kostenlos eröffnen | Deutschland (Lager Zürich/Embrach) | 2,5–5 % / 4–6 % | 1,6 % | ab 25 €/Monat oder 2.000 € | 1,5–2 % | Ja | Ja (Live) | Ja | Ja (TRESTA) | Ja (kostenlos) | Ja (ab 1 g Gold) | Ja (Telefon + Vermittler) | Ja | 8,5 | Abholung 0 €; Versand 20–100 € | Nein | Ja (Sondervermögen) | 7 | 8,5 |
| pro aurum | https://proaurum.ch | Deutschland/Schweiz (Lager Embrach) | 2–3 % / 4–5 % | 0,4–2 % (je Metall) | ab 50.000 CHF | 1,5 % | Nein | Ja | Nein | Ja (WP-Testat) | Ja (Filialen) | Ja | Ja (Filialen) | Nein | 8,0 | Abholung 0 CHF; Versand 100–300 CHF | Nein | Ja (Sondervermögen) | 8 | 8,5 |
| Gold Avenue | https://goldavenue.com | Schweiz (Lager Genf) | 1–3 % / 2–4 % | 0,4–0,8 % | ab 1 CHF | 0,5–1 % | Ja | Ja | Ja | Ja (Treuhand) | Ja (kostenlos) | Ja | Ja (Chat/Experten) | Ja | 9,0 | Abholung 0 CHF; Versand 50–150 CHF | Nein | Ja (Sondervermögen) | 7 | 8,5 |
| GoldSilberShopper | https://goldsilbershop.de | Deutschland (Lager Zürich/Embrach) | 2–4 % / 3–5 % | 0,5–1 % | ab 25 €/Monat | 1,5–2 % | Ja (über SOLIT) | Ja (Live) | Ja (via SOLIT) | Ja (via SOLIT) | Ja | Ja | Ja (über SOLIT) | Ja | 8,2 | wie SOLIT | Nein | Ja (via SOLIT) | 8 | 8,2 |
| philoro | https://philoro.de | Deutschland/Österreich (Lager Zürich) | 2–4 % / 3–5 % | 0,5–1 % | ab 5.000 CHF | 1–2 % | Nein | Ja | Ja | Ja (Notar) | Ja (Filialen) | Ja | Ja (Filialen) | Nein | 7,5 | Abholung 0 CHF; Versand 50–200 CHF | Ja (100 €) | Ja (Sondervermögen) | 9 | 8,2 |
| Swiss Gold Safe | https://swissgoldsave.ch | Schweiz (Lager Embrach) | 2–4 % / 3–5 % | 0,3–0,6 % | ab 10.000 CHF | 1–1,5 % | Nein | Ja | Ja | Ja (WP) | Ja (mit ID) | Ja | Ja (Telefon) | Nein | 7,5 | Abholung 50–100 CHF; Versand 100–250 CHF | Nein | Ja (Sondervermögen) | 6 | 8,2 |
| Geiger Edelmetalle | https://geiger-edelmetalle.de | Deutschland (Lager CH) | 2–5 % / 3–7 % | 0,5–1 % (min. 150 €) | ab 5.000 € | 1–2 % | Nein | Ja | Ja | Ja | Ja (Termin) | Ja | Ja (Filialen) | Nein | 7,8 | Abholung 0 €; Versand 50–200 € | Nein | Ja (Sondervermögen) | 7 | 8,0 |
| GoldBroker | https://goldbroker.com | Frankreich (Lager Zürich) | 1–2 % / 2–3 % | 0,5–1 % | ab 10.000 USD | 1 % | Ja | Ja | Nein | Nein | Ja (220 USD) | Ja | Nein | Ja | 7,5 | Abholung 220 USD; Versand 100–300 USD | Nein | Ja (segregiert) | 7 | 8,0 |
| Ratior | https://ratior.com | Schweiz (Lager CH) | 1–2 % / 2–3 % | 0,4–0,7 % | ab 10.000 € | 0,5–1 % | Nein | Ja | Ja | Ja | Ja (Termin) | Ja | Ja (Experten) | Ja | 7,2 | Abholung 100 €; Versand 150–300 € | Ja (700 €) | Ja (Sondervermögen) | 5 | 8,0 |
| Rheingold Edelmetall | https://rheingold-edelmetall.com | Liechtenstein (Lager Eschen/Vaduz) | 2–4 % / 3–6 % | 0,5–1 % (min. 100 €) | keine | 1–2 % | Nein | Ja | Ja | Ja | Ja (kostenlos) | Ja | Ja (Filialen) | Nein | 7,5 | Abholung 0 €; Versand 50–200 € | Nein | Ja (Sondervermögen) | 7 | 8,0 |
| OrSuisse | https://orsuisse.ch | Schweiz (Lager CH) | 1–3 % / 2–4 % | 0,5–1 % | ab 5.000 CHF | 1 % | Nein | Ja | Nein | Ja (Treuhand) | Ja (Gebühr) | Ja | Ja (Händler/Privat) | Nein | 7,0 | Abholung 50 CHF; Versand 100–200 CHF | Nein | Ja (Lagerscheine) | 5 | 7,8 |
| Degussa | https://degussa-goldhandel.de | Deutschland (Lager DE/CH) | 2–4 % / 3–6 % | 0,3–0,6 % (min. 30 €) | ab 15.000 € | 1–2 % | Nein | Ja | Nein | Ja | Ja (Termin) | Ja | Ja (Filialen) | Nein | 7,8 | Abholung 0 €; Versand 50–150 € | Nein | Ja (Sondervermögen) | 9 | 7,8 |
| ProWert | https://prowert.de | Deutschland (Lager Zürich) | 2–4 % / 3–6 % | 0,5–1 % | ab 5.000 € | 1–2 % | Nein | Ja | Nein | Ja | Ja (kostenlos) | Ja | Ja (Berater) | Nein | 7,0 | Abholung 0 €; Versand 50–150 € | Nein | Ja (Sondervermögen) | 6 | 7,5 |
We have compared all providers that are relevant from our point of view (Switzerland, Germany, Liechtenstein, UK) according to over 20 criteria.
- Minimum deposit: 1 CHF (!)
- Surcharges: 3% gold | 5% silver/platinum/palladium
- Storage costs: 0.65–1.2% p.a. (tiered, can be canceled monthly)
- Sale: 0% fee – real-time directly to the spot
- App: Yes – 4.4 stars, real-time trading 24/7 with 5-minute price commitment
- Live webcam + 6-eye principle + external trust + 2× annual audits
- Collection: free of charge personally in the Zurich/Embrach warehouse
- Personal contact person (no anonymous hotline!)
- SIQT 2025: Grade 1.9 – “Top in digitization, efficient advice via partner”
Conclusion: If you want a modern app, extremely low entry barriers and personal support at the same time, FlexGold is currently the place to be.
- Surcharges: 0.5–1% gold | 1–2% silver etc.
- Storage costs: only 0.12% p.a. (from 120,000 USD the minimum of 144 USD/year is waived)
- Real-time order board like on the stock exchange
- Daily published audits (LBMA standard)
- No Swiss special assets, but the lowest costs worldwide
Ideal for: Large depots (>€150,000), cost haters, international investors Not ideal for: For beginners and investors who want personal advice and prefer a company headquarters in Switzerland instead of the UK.
- Minimum deposit: €25/month (savings plan) or €2,000 one-time investment
- Surcharges: 2.5–5% gold | 4–6% silver/platinum/palladium (plus 5% one-time surcharge)
- Storage costs: 1.6% p.a. (deducted quarterly, including insurance)
- Sale: 1.5% (gold), 2% (other metals) – with 1–2 days processing
- App: Yes – Monitoring and News (iOS/Android, 4.2 stars)
- Live webcam + 6-eye principle + TRESTA trust + 2× annual audits
- Collection: free of charge personally in the Zurich/Embrach warehouse
- Personal advice (telephone, experts, brokers)
- SIQT 2025: Grade 1.3 – “Very good in security and service”
Conclusion: SOLIT is the reliable choice for investors looking for a proven combination of personal support, high security and transparent storage – ideal for long-term depots in the customs warehouse.
Customs warehouses in Switzerland are used for the tax-free storage of goods, including precious metals such as gold, silver, platinum and palladium, as long as they do not enter the customs territory of the EU or Switzerland. They are based on the Swiss Customs Act (Art. 51–57 ZG) and enable a suspension of import sales tax (EU VAT 19% in Germany) and Swiss VAT (8.1%).
The following explains under which conditions customs warehouses make sense for investors, who they are suitable for and how current financial policy (as of December 1, 2025) influences this option.
The analysis is based on current monetary policy developments by the European Central Bank (ECB) and the Swiss National Bank (SNB), which increase the attractiveness of tangible assets such as precious metals.
| Condition | Explanation | Example with €100,000 silver |
|---|---|---|
| Holding period ≥ 12 months | Profits tax-free after 1 year | €19,000 VAT saved + capital gain tax-free |
| White metals (silver, platinum, palladium) | 19% VAT is completely eliminated | €100,000 purchase = €0 VAT instead of €19,000 |
| Investment volume > €5,000 | Storage costs amortize | VAT savings > annual storage fee |
| Long-term holding period (> 2 years) | Cost-average effect + full tax exemption | 5 years: up to 25–30% higher net return |
Customs warehouses make sense if the investor wants to hold precious metals physically without incurring immediate tax, and the holding period is at least 12 months (tax-free according to § 23 EStG in Germany). Storage is segregated as special assets, which makes the investor the direct owner and minimizes insolvency risks (Art. 16 Depotgesetz CH).
Customs warehouses are not suitable for speculators with short holding periods, as delivery triggers VAT. They are suitable for buy-and-hold strategies in which the investor can physically retrieve or sell the metals without tax during the storage period.
Customs warehouses are primarily suitable for investors who are looking for diversification into tangible assets to cushion risks such as inflation and bank insolvency. They are suitable for private wealth creators in DE/AT/CH with a focus on tax optimization and long-term holding periods.
Customs warehouses are suitable for investors who use tangible assets as an inflation hedge without tax. In the current policy (ECB/SNB: focus on 2% inflation), diversifiers and long-term investors benefit.
| Target group | Meaningfulness | Financial policy context 2025 |
|---|---|---|
| Private wealth creators (DE/AT/CH) | High | ECB inflation 2.3% 2025; VAT savings 19% for silver |
| Inflation hedgers | High | SNB forecast 1.2% 2025; precious metals +7.5% p.a. historically |
| Diversifiers (10–30% portfolio) | High | ECB balance sheet €6.8 trillion (+45%); negative correlation to stocks |
| Institutional investors | Medium | Reporting obligations (MiFID II); SNB interventions increase currency risk |
| Short-term speculators | Low | ECB interest rates of 2% make fiat liquid; delivery triggers VAT |
Customs warehouses are less relevant for institutional investors (e.g. funds) because they have regulatory reporting obligations. Private individuals benefit most from the VAT suspension and the tax-free holding period.
The monetary policy situation in the Eurozone and Switzerland (as of December 1, 2025) underlines the usefulness of customs warehouses as inflation and currency risk hedging. The European Central Bank (ECB) and the Swiss National Bank (SNB) continue to pursue a restrictive stance in order to stabilize inflation at 2%, which puts a strain on the purchasing power of fiat currencies.
The ECB left the deposit rate at 2.0% (meeting on November 5, 2025), after cuts in April (to 2.25%), June (to 2.0%) and September (to 1.75%). The main refinancing rate is 2.15%. The forecast sees HICP inflation of 2.3% for 2025, 1.9% for 2026 and 2.0% for 2027. This reflects continued disinflation, driven by falling energy prices and moderate wage increases.
Nevertheless, uncertainty remains high: geopolitical risks (e.g. trade conflicts between the US and the EU) and continued money supply expansion (balance sheet €6.8 trillion, +45% since 2019) could fuel inflation again.
The ECB policy (data-oriented, with a focus on the 2% target) leads to real interest rates of approx. 0–0.5% (after deducting inflation), which could further devalue fiat currencies. For investors, this means: Tangible assets such as precious metals in the customs warehouse serve as a hedge against loss of purchasing power, as they are independent of central bank balance sheets.
Customs warehouses are economically advantageous with a holding period of >12 months and a volume of >€5,000, as storage costs (0.3–1.6% p.a.) amortize the VAT savings. In the current policy (ECB/SNB: disinflation, but uncertainty due to geopolitics), they serve as a hedge against continued money supply expansion.
The SNB lowered the key interest rate to 1.5% in November 2025 (from 1.75%), the first cut since 2015, in order to keep inflation at 1.4% (2025 forecast) (target 0–2%). The balance sheet is CHF 1,050 billion (+75% since 2019), with further growth expected (forecast 1.2% inflation 2025, 1.0% 2026). The strong franc (appreciation 2024/2025) dampens import inflation, but requires interventions (foreign exchange purchases).
For Swiss investors, the SNB policy increases the attractiveness of customs warehouses: The franc as a safe currency (no negative interest rates) and low inflation make precious metals a stable addition without currency risk.
| Scenario / Condition | Meaningfulness | Justification based on financial policy 2025 |
|---|---|---|
| Inflation pressure >2% p.a. | High | ECB forecast 2.3% 2025; precious metals correlate negatively with inflation (gold +84% since 2020) |
| Banking risks (bail-in) | Medium-High | EU/CH laws since 2016/2023: Deposits >€100,000 at risk; customs warehouse outside the banking system |
| Currency diversification | High | SNB interventions (balance sheet +75%); franc strength protects against euro weakness |
| Long-term holding period (>2 years) | High | Tax exemption (§ 23 EStG); ECB interest rates at 2% real negative |
| Small amounts (<€5,000) | Low | Storage costs outweigh VAT savings; ECB disinflation makes home storage sufficient |
The ECB expects 1.9% inflation in 2026 (HICP), with the key interest rate at 1.75–2.0%. The SNB forecasts 1.0% and further cuts to 1.25%. Geopolitics (e.g. US trade conflicts) and continued money supply (ECB balance sheet ~€6.8 trillion) could fuel inflation, which makes customs warehouses more attractive (precious metals +3–18% expected). In this environment, customs warehouses offer tax-neutral, physical hedging – useful for investors with >€5,000 volume and >1 year holding period. For details on providers, see separate comparison section.
| Phase / Period | Silver price | Return on silver | Gold price | Return on gold | Gold-silver ratio | Advantage silver? |
|---|---|---|---|---|---|---|
| 1971–1980 (inflation boom) | 1.29 → $52 | +3.929 % | 35 → $850 | +2.329 % | 16:1 | Yes – clearly! |
| 2000–2011 (financial crisis) | 5 → $48 | +860 % | 280 → $1,920 | +585 % | 40:1 | Yes – +275% |
| 2020–Nov 2025 | 12 → $48.69 | +306 % | 1,480 → $2,720 | +84 % | 125:1 → 56:1 | Yes – +222% |
| Average 1971–2025 | cum. ~16,000% | +9.2% p.a. | cum. ~8,500% | +7.5% p.a. | Average 55:1 | Silver wins |
Conclusion from 50 years of a free gold market:
Since 1971, gold has averaged +7.5% per year – and that with a negative correlation to stocks and bonds in real crises.
Someone who bought gold for 100,000 DM in 1971 would have over 1.8 million euros today (inflation-adjusted) – someone who left the money in a savings account has lost more than 95% in real terms.
| Period | What happened to paper currencies? | What happened to gold? |
|---|---|---|
| 1921–1923 | German hyperinflation → 1 trillion marks for a loaf of bread | Gold retained 100% of its purchasing power |
| 1933 (USA) | Roosevelt confiscates private gold, raises gold price from $20.67 → $35 | +70% in one day |
| 1944–1971 | Bretton Woods System: Dollar = 1/35 ounce of gold | Stable global standard |
| 1971 | Nixon closes the gold window → End of gold backing | Beginning of the free gold market |
| 1971–1980 | US inflation rises to 13.5% p.a. | Gold from $35 → $850 → +2,400% in 9 years |
| 2000–2011 | Dotcom crash, financial crisis, ECB & Fed print trillions | Gold from $280 → $1,920 → +585% |
| 2020–2025 | Corona money glut → ECB balance sheet +90%, Fed +130% | Gold from $1,480 → currently $2,720 → +84% (silver +140%) |
| 2025 (Nov) | ECB tests digital euro, bail-in laws tightened | Gold new all-time high at $2,720 / €2,530 |
Since the US dollar’s gold backing was lifted in August 1971 (Nixon shock), gold and silver have been traded freely on the market. The following table shows the nominal price development in USD per troy ounce.
| Metal | Price 1971 (USD/oz) | Price 30.11.2025 (USD/oz) | Total return | CAGR (annual) |
|---|---|---|---|---|
| Gold | 35.00 | 2,720.00 | +7,671% | 7.5% |
| Silver | 1.39 | 48.69 | +3,403% | 9.2% |
| Platinum | 110.00 | 1,380.00 | +1,155% | 5.8% |
| Palladium | 105.00 | 1,920.00 | +1,729% | 6.7% |
Nominal figures are misleading in long-term comparisons. Here is the real purchasing power development after deducting US inflation (CPI).
| Metal | Nominal profit | Real profit (inflation-adjusted) | Real annual return |
|---|---|---|---|
| Gold | +7,671% | +380% | +2.9% p.a. |
| Silver | +3,403% | +210% | +2.1% p.a. |
The GSR shows how many ounces of silver you can buy for one ounce of gold. Deviations from the long-term average (approx. 60:1) are considered a buy or sell signal.
| Date | Gold-Silver-Ratio | Meaning |
|---|---|---|
| January 1980 | 15:1 | Silver bubble (Hunt brothers) |
| April 2011 | 31:1 | Silver high after financial crisis |
| March 2020 | 124:1 | Corona crash – strongest undervaluation of silver |
| 30.11.2025 | 56:1 | Slightly below long-term average → silver remains attractive |
This is the largest creation of money since World War II – and it will continue in 2025/2026 (ECB plans further bond purchases, Fed “Quantitative Easing Light”).
The best counter-strategy: 10–30% in physical precious metals in a customs-free warehouse
| Central bank | Balance sheet 2019 | Balance sheet Nov 2025 | Increase |
|---|---|---|---|
| Fed | 4.2 trillion $ | 9.7 trillion $ | +131% |
| ECB | 4.7 trillion € | 6.8 trillion € | +45% |
| SNB | 600 billion CHF | 1,050 billion CHF | +75% |
| BoJ | 550 trillion ¥ | 790 trillion ¥ | +44% |
- Deposit protection only up to €100,000 (EU) or CHF 100,000
- Bail-in is law (EU since 2016, Switzerland since 2023) → in the next banking crisis, deposits over €100,000 will be used first
- Negative interest rates & penalties are back (Commerzbank, Raiffeisen, UBS are already charging 0.5–1% p.a. on larger balances again)
- Digital euro is coming in 2027–2028 → programmable money with expiration date and negative interest rates possible
Consequence: Everything over €100,000 in the bank is no longer safe and loses 3–7% in real terms every year.
The best counter-strategy: 10–30% in physical precious metals in a customs-free warehouse
| Advantage | Explanation 2026 |
|---|---|
| No counterparty risk | You are the direct owner – no bank, no fund, no certificate |
| VAT-free for silver, platinum, palladium | Immediately 19% cheaper than in Germany |
| Tax-free after 12 months (DE) | Complete capital gains remain with you |
| Outside the banking system | No bail-in, no access in the event of bank failure or capital controls |
| Inflation & crisis protection | Historically the best hedge against currency reform and hyperinflation |
- Since 1971, gold has achieved a stable real return of approx. 2.9% p.a. and serves primarily as a store of value and crisis hedge.
- Silver significantly outperforms gold nominally (9.2% p.a.), but pays for this with double the volatility.
- In all phases of expansive monetary policy and high inflation (1970s, 2008–2025), both metals increased sharply.
- The current GSR of 56:1 as well as the continued expansive balance sheet policy of the ECB and SNB make physical precious metals – especially tax-optimized in the Swiss customs-free warehouse – a sensible portfolio addition in 2026.
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**[DISCLAIMER]**: Recommendations of precious metal deposits (e.g. SOLIT, FlexGold), other financial products , comparison calculators and technical gadgets do not constitute financial or professional advice. Please consult a financial advisor or specialist dealer before using them. We accept no liability for any damage or loss that may result from the use of the recommended products or services. Details can be found in our disclaimer.
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