CHRISTOF FORSTER Ludo Groen’s new English-language book “Mountains of Gold” – the result of five years of research at ETH Zurich – is proof that history can be presented in a very lucid, engaging manner. The author describes in great detail how gold was moved from the Swiss National Bank (SNB) bunker underneath Berne’s Bundesplatz to the Swiss army fortification Fort Bühl near Andermatt (canton of Uri) via covert night-time transports. Guarded by armed bank officials, every convoy started with lorries pulling into Ostermundigen station from the SNB’s Berne headquarters. The bullion would then be loaded onto a goods train counting up to 20 wagons. After reaching Göschenen via Lucerne, the valuable freight would be reloaded onto lorries that then drove up the Schöllenen Gorge to Andermatt. Groen even studied the meteorological records of MeteoSwiss in order to tell the story as accurately as possible. The journeys proved very challenging. During the first one in April 1938, the escort was caught unawares by a heavy snowstorm and unable to leave the fortress via the normal route, as temperatures plummeted to minus 11 degrees Celsius. Berne was deemed unsafe Switzerland was an important conduit for gold during the Second World War. Between 1939 and 1945, the SNB bought 1.2 billion Swiss francs worth The secret Alpine gold depots Research at ETH Zurich has uncovered where Swiss banks stashed their gold in the Second World War – and how this helped to cement Switzerland’s reputation as a secure financial centre. James Bond also played a role. of gold from Nazi Germany. This included gold looted from Holocaust victims. Switzerland also traded gold from the Allies. Groen sheds new light on the history of gold in Switzerland. “Being an architect, I wanted to approach the history of gold in Swiss banking differently,” he says. Not simply by numbers but through the medium of rooms, buildings and landscapes. Groen is the first person to investigate how Switzerland moved its gold to clandestine Alpine depots during the 1930s and 1940s, establishing banking infrastructure away from the cities. The evacuation of gold from the federal capital was prompted by the army commander of Berne, who was concerned that an air raid could destroy the city as well as Switzerland’s gold reserves, which were mainly stored there. The army and the SNB subsequently met to brainstorm possibilities of moving the gold to secure locations in the Alps. They were inPostcard showing Fort Bühl embedded in the Gotthard massif. This is where the SNB began stashing gold in 1938. Photo: provided/ Library Am Guisanplatz, Berne The Eismeer station – situated 3,160 metres above sea level, behind the dreaded north face of the Eiger – was offered as a possible location for the SNB’s gold, but this solution proved too expensive. Photo: provided/ETH Library, Zurich Swiss Review / October 2026 / No. 4 14 Economy
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