Swiss National Bank Slashes Gold and Silver Mining Share Holdings

The Swiss National Bank Cuts Positions of Big Name Mining Shares in First Quarter.

Swiss National Bank Cuts Holdings in Large Miners by 7-15% in Q1 2017.

Positions in Franco Nevada, Goldcorp, Silver Wheaton and Yamana Gold holdings each cut over 10%.

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Swiss National Bank Cuts Gold and Silver Mining Share Holdings

In August 2016, we reported the existence of the Swiss National Bank’s gold and silver mining portfolio. As at August 4, 2016, the Swiss National Bank (SNB) precious metal mining share portfolio based on its holdings as of June 30, 2016, was approximately $987 million (see chart below). We have been tracking the SNB mining share portfolio quarterly since then. Other then a trimming of shares in the third quarter of 2016, the number of companies and shares in the SNB gold and silver mining portfolio remained essentially the same through the end of 2016.

Until the first quarter of 2017.

Late last week, the Swiss National Bank filed its Form 13-F with the United States Securities and Exchange Commission, detailing its U.S. securities positions as of March 31, 2017. The Swiss National Bank reported holdings of over 2,500 U.S. companies as of March 31, 2017 worth approximately $80 billion, up from about $63 billion in the fourth quarter of 2016..

The latest Swiss National Bank’s 13F showed however, a decline in the number of mining shares of the SNB’s largest holdings

The SNB cut its holdings in only 10 of its thirty-three gold and silver mining companies. Eight of the holdings cut were from the SNB ten largest gold and silver mining positions, including Goldcorp (1.134m shares sold since 6/30/2016), Franco Nevada (278,700 shares sold since 6/30/2016) and Agnico Mines (286,400 shares sold since 6/30/2016). Newmont Mining, SNB’s top holding avoided the chopping block as 430,800 Newmont shares were added to the SNB portfolio since June 30 2016.

Swiss National Bank mining share holdings chart March 31 2017

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Swiss National Bank Gold and Silver Mining Share Holdings as of September 30, 2016


Of the approximately $60 billion in equity shares the Swiss National Bank holds, approximately $876 million are in the form of gold and silver mining shares. Values above are as at September 30, 2016.

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Swiss National Bank Gold and Silver Mining Share Holdings as of August 4, 2016

swiss national bank gold and silver mining share holdings June 30, 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.

swiss gold reserves 1999-2014

The Swiss National Bank has sold much of its gold, but it is loading up on gold and silver mining shares

Further Reading






Swiss National Bank share holdings source: Swiss National Bank SEC filing, also available here showing the SNB owns a total of over $63 billion in US equities. Share prices were derived from Yahoo Finance.

Note: the share amounts filed with the Securities and Exchange Commission by the Swiss National Bank are subject to the following caveat by the SEC: “The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete.”

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