Swiss gold refiners are taking unusual steps to manage supply constraints, with Metalor Technologies implementing surcharges and Argor-Heraeus halting some orders, signaling broader pressure in global precious metals markets.
Metalor has introduced a per-ounce surcharge on all its gold products due to shortages, while Argor-Heraeus has paused orders all 50-gram and 100-gram minted gold bars, according to Singapore-based dealer BullionStar.
PHYSICAL GOLD STRESS
— Willem Middelkoop (@wmiddelkoop) February 17, 2025
Refineries Imposing Surcharges and Suspending Production:
Metalor, one of the leading Swiss refineries, has recently introduced a per-oz surcharge on all its gold products due to shortages …
Another major Swiss refinery, Argor-Heraeus, has suspended…
BREAKING NEWS
— Gold Telegraph ⚡ (@GoldTelegraph_) February 18, 2025
SWISS REFINERY, ARGOR-HERAEUS, HAS SUSPENDED ORDERS FOR ALL 50-GRAM AND 100-GRAM MINTED GOLD BARS.
It continues to get hot.
The strain extends beyond Switzerland. South Korean banks have suspended gold and silver sales amid surging demand, while reports indicate tightness in gold bar sizes at Chinese banks. US institutional demand has increased, with COMEX gold deliveries exceeding 60,000 contracts or over 200 metric tons.
Switzerland’s refineries, which process a significant portion of the world’s gold supply, rarely impose such restrictions.
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