Hildebrand on lessons from the SNB's gold sales

- Central Banking staff
- 09 May 2005

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In a speech on 'SNB gold sales - Lessons and experiences' given on 5 May, Philipp Hildebrand of the Swiss National Bank said the Swiss National Bank completed its gold selling program of 1300 tonnes on March 30, 2005. Before these sales, Switzerland's relative position with respect to gold holdings was extreme among the G10 countries.

"Furthermore, the SNB had excess capital reserves that were no longer necessary for monetary purposes. However, it was only in May 2000 that the last relics of

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