Surge in gold price contributes ‘strongly’ to Swiss National Bank profit so far this year

photo of stacks of gold at Bank of England gold room“The surge of the gold price contributed strongly to the performance of the central bank this year so far. The increase in the valuation of the SNB’s gold holdings was 3.8 billion francs by the end of June. Three months later, the bank’s gold was already worth 7.3 billion francs more than at the end of 2018. A kilo of gold was worth 47,620 at the end of September, which compares with 40,612 at the end of 2018.”

USAGOLD note:  Testament to the virtues of central banks holding gold as a reserve asset and store of value.

Repost from 11-4-2019

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