Kaiser
08-09-2007, 09:14 AM
The Swiss central bank sold around 35 metric tons of gold in July, data released by the Swiss National Bank showed Wednesday. The bank said gold holdings fell by CHF917 million to CHF31.81 billion in July.
Allowing for exchange rate and gold price movements, this implies sales of around 35 tons last month, which is more than double the 13.9 tons sold in June, analysts said.
Recently, Switzerland proposed to sell up to 250 tons by September 2009 as part of a strategy to shift its reserves into more profitable fixed-income instruments.
Full of holes like Swiss Cheese
The Swiss are sure in a rush to get rid of their gold. Their announced goal is to dispose of 250 tons of gold by September 2009, which is still 25 months away. By selling 13.9 tons in June and 35 tons in July* they have run through 25% of that allotment already. If they keep this rate up they will be out of the market by the end of 2007. That's one of those things the central banks must hate about gold; when it's gone, it gone, you can't print any more of it. It makes me chuckle to think that the formerly good-as-gold Swiss Franc's reserves are starting to resemble...Swiss Cheese.
(Midas)
Allowing for exchange rate and gold price movements, this implies sales of around 35 tons last month, which is more than double the 13.9 tons sold in June, analysts said.
Recently, Switzerland proposed to sell up to 250 tons by September 2009 as part of a strategy to shift its reserves into more profitable fixed-income instruments.
Full of holes like Swiss Cheese
The Swiss are sure in a rush to get rid of their gold. Their announced goal is to dispose of 250 tons of gold by September 2009, which is still 25 months away. By selling 13.9 tons in June and 35 tons in July* they have run through 25% of that allotment already. If they keep this rate up they will be out of the market by the end of 2007. That's one of those things the central banks must hate about gold; when it's gone, it gone, you can't print any more of it. It makes me chuckle to think that the formerly good-as-gold Swiss Franc's reserves are starting to resemble...Swiss Cheese.
(Midas)