- The Swiss National Bank is canceling dividends to shareholders for the first time since its founding in 1907 after it booked a $16.6B loss on its gold holdings in 2013, swamping currency gains and the profit on a sale of former UBS assets. The bank will also not be making any payments to the 26 Swiss cantons (states) for the first time since 1991.
- The SNB held 1,040 metric tons of the yellow metal as of the end of 2012, and the big loss last year may (or may not) dent a movement which would require the central bank hold at least 20% of its assets in gold - a proposal the bank is strongly resisting.
- "Anyone who bought gold after 2010 is currently in the loss zone," says Bank Vontobel's Andreas Megg.
- After a big start to 2014, gold is flat on today's session at $1,240 per ounce.
- Related ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DGZ, AGOL, GLDI, DGLD, TBAR, UBG
- Swiss franc ETF: FXF
From other sites
at Nasdaq.com (Apr 10, 2015)
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at Nasdaq.com (Mar 25, 2015)
at Nasdaq.com (Mar 17, 2015)
at Nasdaq.com (Mar 9, 2015)
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