Swiss central bank bets big on gold miners

Switzerland’s central bank, the Swiss National Bank is putting its cash behind gold miners. Alex Williams reports.

Switzerland's central bank, the Swiss National Bank (SNB), is betting big on gold miners, according to a quarterly filing it released in America last week. The SNB has built up a large portfolio of stocks in recent years, after a failed effort to stop its currency from rocketing against the euro left it holding vast foreign-currency reserves. In total, the bank has around $41bn invested in US stocks, up sharply from $24bn in 2014.

Most of its portfolio is in passive index positions, giving it small slices of multinationals, from Apple to Walmart. But of the ten companies in which it has the largest percentage stake (reflecting its punchiest bets), eight are gold stocks.

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