- 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
Video at CNBC.com (Thu, 7:00PM)
Video at CNBC.com (Tue, 1:10PM)
Video at CNBC.com (Aug 27, 2015)
Video at CNBC.com (Aug 26, 2015)
Video at CNBC.com (Aug 20, 2015)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs