The Swiss National Bank’s $1 Billion Gold and Silver Mining Share Portfolio

The Swiss National Bank Holds About $1 Billion in Gold and Silver Mining Shares.

Swiss National Bank Gold Mining Holdings include Gold Giants Newmont Mining and Goldcorp.

Swiss National Bank Silver Mining Holdings include Silver Wheaton and First Majestic.

Swiss National Bank Precious Metals Mining Shares Valued at Approximately $1 Billion.

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Swiss National Bank Stock Holdings Boost Mining Share Prices

In the fall of 2014, the Swiss National Bank (SNB) campaigned against a Swiss referendum that would have required the SNB to hold at least 20% of its reserves in gold, repatriate its foreign gold holdings and to never sell any of its gold. The proposal was defeated in part due to the SNB’s protestations.

While holding gold may be anathema to the SNB, they have taken a shine to gold and silver mining shares. According to a recent filing with the United States Securities and Exchange Commission, the SNB as of June 30, 2016, owned thirty-two* different mining company shares valued at approximately $1 billion.

Central Bank Intervention Boosts Fortunes of Gold and Silver Miners

In recent years, gold and silver bugs have bemoaned central bank intervention and manipulation in the gold and silver markets. Such manipulation, they claim, has acted to suppress gold and silver prices. It seems, however, that Swiss National Bank intervention in the form of loading up on gold and silver mining shares has acted to help send those shares skyrocketing in 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.**

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Wait!, There’s More

*Update: From You tube’s “Grumps LaBastard”- Here are a few smaller mining company positions not included above:

KLONDEX MNS LTD 234,581/$1,102,530

NEVSUN RES LTD 338,300/$1,089,326

PRIMERO MNG CORP 283,100/$495,425

RICHMONT MINES INC 100,300/$1,060,171

SEABRIDGE GOLD 63,000/$833,490

Removed from the top 25 were:

Asanko Gold $1,322,464
Sandstrom $1,194,272

The value of the above six companies as of August 5 was $6,037,507 when added to tthe top 25 mining companies owned by the Swiss National Bank would bring the total value of their mining portfolio to $993,697,636.

**Values assume that shares held on June 30, 2016 were in the SNB portfolio on August 5, 2016. The SNB is, however, an active trader of equities, having shed all of its position (253,054 shares) of Barrick Gold Corporation in the second quarter of 2016. In the second quarter the SNB added 53 new equity positions, sold out 69 positions, increased 1470 positions and decreased 389 positions. It is quite possible as of August 5, 2016, the SNB position in gold and silver mining shares could be higher or lower than represented above.

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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



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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swiss national bank gold and silver mining porfolio as of 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.**

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