by Louis Cammarosano, Smaulgld:
The Swiss National Bank Holds About $1 Billion in Gold and Silver Mining Shares.
Swiss National Bank Gold Mining Holdings include Gold Giants Newmont Mining and Goldcorp.
Swiss National Bank Silver Mining Holdings include Silver Wheaton and First Majestic.
Swiss National Bank Precious Metals Mining Shares Valued at Approximately $1 Billion.
Swiss National Bank Stock Holdings Boost Mining Share Prices
In the fall of 2014, the Swiss National Bank (SNB) campaigned against a Swiss referendum that would have required the SNB to hold at least 20% of its reserves in gold, repatriate its foreign gold holdings and to never sell any of its gold. The proposal was defeated in part due to the SNB’s protestations.
While holding gold may be anathma to the SNB, they have taken a shine to gold and silver mining shares. According to a recent filing with the United States Securities and Exchange Commission, the SNB as of June 30, 2016, owned twenty-three* different mining company shares valued at approximately $1 billion..
Central Bank Intervention Boosts Fortunes of Gold and Silver Miners
In recent years, gold and silver bugs have bemoaned central bank intervention and manipulation in the gold and silver markets. Such manipulation, they claim, has acted to suppress gold and silver prices. It seems, however, that Swiss National Bank intervention in the form of loading up on gold and silver mining shares has acted to send those shares skyrocketing in 2016.
Of the sixty-three billion dollars in equity shares the Swiss National Bank holds, approximately $1 billion are in the form of gold and silver mining shares. Values above are as at August 5, 2016.**
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