Swiss Bank to Sell 250 Tons of Gold
June 16, 2007
IN one of the biggest central bank gold sales of recent times, the Swiss National Bank is to sell 250 tons.
Held today, the sale would net Pounds 2.65bn. But reserves will be sold gradually between now and September 2009.
Gold closed $6.60 higher in London at $653.25 an ounce but has fallen after heavy sales by the Spanish and Belgian central banks since spring.
Banks earn higher interest rates on reserves held in paper currencies.
The share of gold in Switzerland’s currency reserves has risen to 42pc from 33pc since mid-2005 due to the increase in gold prices..
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