SNB loses $16 billion on gold

The Swiss National Bank lost 15 billion francs ($16.6 billion) when the gold price plummeted by nearly 30% last year, it announced today, making it one of the first central banks to realise its paper losses.

The central bank expects to report a loss of around nine billion francs ($10 billion) for 2013, with the heavy valuation losses offsetting smaller profits earned through its foreign currency positions and the sale of its StabFund 'bad bank' to UBS.

Consequently the SNB has cancelled its annu

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