The Swiss National Bank (SNB), which has turned into a hedge fund in recent years, is said that it will not touch its gold reserves.
Speaking at a UBS AG virtual conference in Zurich, SNB head Thomas Jordan confirmed that it does not intend to buy or sell gold as it continues to expand its balance sheet.
Switzerland currently possesses one of the largest gold reserves in the world, topping 1,000 tons.
“We have no intention to buy or sell gold, but that can change over time,” he said.
During the March mayhem, the SNB added 22 percent to its positions, pouring billions into Apple, Amazon, Google, Microsoft, and others. This has left critics concerned that the central bank could face significant risk in the event of another market crash. However, the SNB says it is an important mechanism to prevent the Swiss franc from further appreciation.
Leave a Reply