Precious metal investments are very popular in Switzerland, where citizens own lots of scrap gold. Through cooperation with the gold dealer Philoro, the Swiss Post is also involved in the gold market.
Gold trader Philoro is cooperating with the Swiss postal service by making a selection of the precious metal dealer's products available in some larger post offices and online in the Post Shop. «It's also possible to accept scrap gold at selected post offices,» Christian Brenner, CEO of Philoro Switzerland, said at a media event in Zurich on Tuesday.
Appealing to Collectors and Investors
The results of this year's Gold Study 2023, dedicated to the topic of scrap gold, in cooperation with the University of St. Gallen (HSG), were also presented.
Swiss Post's Philoro range includes gold products such as the Swiss gold Vreneli, the Vienna Philharmonic, and gold bars and combination bars in various weights. Numismatic coins are also offered. «Our ambition was to find an inspiring product world for Swiss Post that combines tradition and innovation and appeals to collectors and investors,» Brenner explained.
Where Banks Are Strong
The CEO said Philoro has over one million customers, giving them insight into which products resonate best and that Swiss banks are very active in the kilobar sector.
«We, on the other hand, see a gap in the market in the 1 to 100-gram range, where we can play to our strengths,» Brenner said. He added that this applies to the Vienna Philarmonic and Switzerland's most popular precious metal investment product, the gold Vreneli coin.
Sent in for Analysis
Antique gold, such as rings, necklaces, and brooches, can be handed in for purchase at selected post offices. The jewelry is then delivered to Philoro and evaluated using X-ray fluorescence analysis. «This precise analysis measures all precious metals,» including silver, platinum, and palladium.
Currently, acceptance is possible as part of a pilot program at post offices in seven cities in German-speaking Switzerland, including Zurich, St. Gallen, Basel, and Lucerne.
