Swiss Gold Stored At “Decentralised Locations” – SNB Does Not Disclose Where
There are increasing calls in Switzerland for transparency regarding the location of the remaining Swiss gold reserves. The Swiss National Bank said overnight that it keeps its gold in “decentralized” locations, according to Walter Meier, a spokesman for the Swiss central bank as reported by Bloomberg.
Switzerland holds 1,040.1 metric tons of gold, accounting for about 19% of its total reserves, according to the World Gold Council. This is down from 2590 tonnes prior to the SNB gold sales which began in 1999. The sale of Swiss gold reserves has cost the Swiss people some $50 billon.
Swiss GDP was $523 billion in 2011 so the SNB has lost some 10% of Swiss GDP from the sale of a large part of their national patrimony – their vitally important gold reserves.
Many Swiss people are concerned that their remaining gold reserves may be stored in foreign jurisdictions (possibly less safe than Switzerland) which could nationaliseor expropriate their reserves in the event of some form of financial or economic collapse or currency crisis.
Hence, increasing calls of transparency regarding the locations of their gold and calls for the gold to be stored in Switzerland.
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