El año en el que los ricos se volvieron locos por el oro

In a year where the wealthy became obsessed with gold, London's Sharps Pixley safe deposit vault was so packed that the firm sought a new location to open another chamber. This is part of a global race to build vaults to store precious metals, from Switzerland to Singapore. The lack of space was no stranger to the industry, as gold occupies very little space and a vault can last for centuries.

However, the soaring price of gold, which has doubled over the past three years, and the resulting surge in demand from affluent individuals who insist on storing their gold in physical bars, have caused a surge in activity in an industry that has previously been relatively inactive.

At Swiss gold firm MKS Pamp, commercial director Omar Liess wants to build a large vault to cater to the firm's most wealthy clients, who can visit and admire their gold reserves in an elegant setting reminiscent of a five-star hotel. When affluent clients entrust $200 million or more to firms like Pamp, they demand adequate infrastructure, he explains. This service is aimed at clients who store a minimum of $50 million in bars, which they can visit—indeed, they do—when they wish to see their physical gold.

This desire for security is one of the factors that drove the record high price of gold to $5,595 per troy ounce at the beginning of the year, up 104% over the previous 12 months. Although prices have since fallen, they remain higher than a year ago. Strong purchases from central banks, fears over the future of the US dollar, investor concerns about public debt and geopolitical turmoil have generated unprecedented levels of gold trading for seasoned industry veterans.

The purchases by the wealthy and their obsession with owning physical gold bars have also caused significant changes in the niche market for private storage.

Swiss gold vault operators are running out of space, as many World War II military bunkers used for storing precious metals have been reclaimed by the country's army, which is reinforcing its defenses. Space for storage is also becoming limited in Switzerland due to the increased participation of family offices and the shift of clients from gold-backed exchange-traded funds (ETFs) to physical bars and coins.

According to a recent HSBC survey of affluent investors, gold is one of the main assets they plan to increase their investment in next year, with nearly half expecting to increase their holdings, and only 13% planning to cut back. Gold is particularly popular among Generation Z investors, who typically have 50% more to invest than their baby boomer counterparts.

Despite recent volatility in gold prices, averaging around $4,638 per troy ounce, wealthy investors remain confident in the precious metal. HSBC's survey indicates that almost half of respondents planned to increase their gold investments in the coming year, while only 13% intended to reduce them.