gold reserves

Rising gold prices and recovering financial markets have caused a 10bn CHF profit for the Swiss central bank.

Switzerland has exceptionally large gold reserves for the size of its economy, at about 1,040 tonnes, or $35bn. Indeed, the country ranked second in the world in our gold security ranking. The rising value of gold contributed about 7.3bn CHF to the profits. Foreign exchange positions made up much of the rest, at about 2bn CHF. Read more >>

More diversification, more lending, decent growth, but no capital taxes. That’s the message from Alexei Ulyukayev, first deputy chairman of Russia’s central bank. (Confusingly, there seem to be three first deputies.)

Mr Ulyukayev has been busy talking to reporters today. He has announced: Read more >>

The Russian central bank will spend $1bn next week, buying 30 metric tons of gold from Gokhran, the state repository. Gokhran had planned to sell 20-50 MT on the open market, but cancelled after news of the sale leaked. The sale would have helped plug Russia’s budget deficit, and, apparently, purchase some diamonds from state-run miner Alrosa. Read more >>