Deep Storage

[Image: Photo by Michele Limina, courtesy Bloomberg].

Bloomberg has a look at the subterranean warehousing strategies of the very rich, former Swiss military caves and bunkers that have been repurposed as private gold vaults.

Deep in the Swiss Alps, next to an old airstrip suitable for landing Gulfstream and Falcon jets, is a vast bunker that holds what may be one of the world’s largest stashes of gold. The entrance, protected by a guard in a bulletproof vest, is a small metal door set into a granite mountain face at the end of a narrow country lane. Behind two farther doors sits a 3.5-ton metal portal that opens only after a code is entered and an iris scan and a facial-recognition screen are performed. A maze of tunnels once used by Swiss armed forces lies within.

These “Swiss storage operations,” as the article describes them, can be seen as spatial byproducts of international financial loopholes, such as the fact that U.S. citizens “aren’t required under the U.S. Foreign Account Tax Compliance Act to declare gold stored outside financial institutions,” or that these sorts of storage firms “aren’t regulated by the Swiss financial-services regulator Finma. Nor do such companies have to report suspicious activity to Switzerland’s Money Laundering Reporting Office.”

These regulations—or, rather, the lack thereof—assume architectural form: sites of temporary burial for monetary instruments that benefit from being held securely beyond the reach of the active economy.

Now for the inevitable heist film—part Bank Job, part Zork—set in the high-tech mountain bunkers of Switzerland…

Read more over at Bloomberg.

(Thanks to @fabmass for the tip!)

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