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January 7, 2014

#Gold – Swiss central banks reports £10.1bn loss in value SP Angel - Mining / Commodities

#Gold – Swiss central banks reports £10.1bn loss in value of total asset holdings
  • The loss is thought to be principally led by a 28% fall in the gold price last year.
  • Switzerland's asset writedown was offset by gains made on its foreign currency holdings
  • What press reports don't mention are the huge gains made in previous years by the Swiss central banks as gold prices recovered from a low of $250/oz known as the 'Brown Bottom' after the sale of UK gold by the then Chancellor Gordon Brown.
  • Central banks may struggle to maintain steady asset values in volatile markets but are not likely to offload gold holdings due to the potential for greater volatility in paper currencies going forward

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