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It didn’t take a heist for the Swiss National Bank to lose $ 16.6 billion on bullion.
The central bank said Monday that the value of its gold holdings slid by
that amount in 2013, as the price of the precious metal skidded 28%,
its largest drop since 1981. The paper loss places the Swiss central
bank among the legions of hedge funds, small investors and coin
collectors hit by the metal’s decline.
Central banks were among the biggest losers as gold ended a 12- year
bull run in 2013. Central- bank and government reserve managers saw $
350 billion shaved off the value of their gold holdings in the year
through October, according to the most recent data from the
International Monetary Fund.
The central bank said the decline will saddle it with a $10 billion loss
for 2013, forcing it to cancel dividends to shareholders for the first
time since it was founded in 1907. The central bank also said it
wouldn’t be able to make additional payments to Switzerland’s 26
cantons, which are similar to U.S. states, and the federal government
for the first time since 1991.
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