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Swiss Bank Warns of $10 Billion Loss
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The value of the gold holdings of the Swiss central bank, the Swiss National Bank, declined by 15 billion Swiss Francs ($16.6 billion) in 2013, as the price of gold declined by 28% in 2013. The loss was much more than gains of 3 billion francs in foreign currency positions and 3 billion francs in profit from sales from a fund holding troubled assets. As a result the bank will not pay dividends fro the first time since its founding in 1907. Prices declined as the Fed announced a policy of reversing its bond buying in 2013. In 2008-2012 the U.S. Fed's bond buying efforts pushed up prices of gold holdings as a hedge against inflationary risks. Signs of economic recovery in the U.S. are likely to lead to further price declines. Purchases of gold made after 2010 are now showing losses. The Russian central bank made 30% of all gold purchases since 2010 made by central banks and reported to the IMF.
The Swiss National Bank, Switzerland's central bank, and policy to preserve Swiss competitiveness
08/12/2010
The Swiss central bank is intervening in currency markets to keep the Swiss Franc at 1.20 to the euro, a peg set in Sept. 2011. The all out effort reaching the size of Swiss GDP by 2013 is designed to preserve Swiss export competitiveness.
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