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Daniel Varela on RTS’s 19h30 News

Daniel Varela on RTS’s 19h30 News
  • RTS

    RTS

  • Daniel Varela

    Daniel Varela Chief Investment Officer

Daniel Varela on RTS’s 19h30 News

Daniel Varela, Chief Investment Officer at Piguet Galland, appeared on RTS’s 19h30 news to analyse a current affairs topic: Switzerland’s strategic role in the gold trade and its impact on the trade balance.

Despite having no gold mines on its territory, Switzerland exported 39 billion Swiss francs’ worth of gold to the United States between January and May 2025. This is a major activity, not part of traditional commerce, but rather linked to the country’s role in transit, refining, and standardisation.

“Switzerland does not produce gold. Its role is really to refine it and prepare it in standardised, exportable quantities, purchased in particular by institutional players such as central banks.”

He added:"Today, no other country in the world has the capacity to refine as much gold, as quickly, as Switzerland.”

While some are calling for a rethink of how gold is recorded in trade flows, the debate is underway: how can Switzerland’s central role be preserved while ensuring the stability of the precious metals sector?

Full interview with Daniel Varela on RTS’s 19h30 news (french only)

Authors

  • RTS

    RTS

    linkedIn
  • Daniel Varela

    Daniel Varela

    Chief Investment Officer

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    Daniel Varela holds a degree in business administration with a specialisation in finance from the University of Geneva and began his career in 1989 as a fixed income manager. He joined Banque Piguet & Cie in 1999 as head of institutional asset management and with responsibility for bond analysis and management. In 2011, he became head of the investment strategy and Piguet Galland's investment department. In 2012, he joined Piguet Galland's Executive Committee as CIO.

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