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  #41  
Old 19.12.2013, 23:25
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Re: Central bank posts gains on high gold prices

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Exactly, nothing to worry about, the CHF has been strong before & it never caused an issue. As salaries & general overheads don't really increase each year here, it's easy to cost save by sacking a few employees, and giving them some work on zero hour contracts when necessary & let the RAV pick up the difference.
Quite to the contrary, the too high exchange rate already in the past created huge problem. Last time, Fritz Leutwyler printed money which resulted in inflation. This time, the SNB diversified their methods, and this proved fairly successful.

You remind me of a joke of Benyamin Netanyahu who complained repeatedly in the past that the historic memory of many people only goes back to the breakfast coffee
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Old 20.12.2013, 00:13
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Re: Central bank posts gains on high gold prices

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Quite to the contrary, the too high exchange rate already in the past created huge problem. Last time, Fritz Leutwyler printed money which resulted in inflation. This time, the SNB diversified their methods, and this proved fairly successful.

You remind me of a joke of Benyamin Netanyahu who complained repeatedly in the past that the historic memory of many people only goes back to the breakfast coffee
We have no idea if it will be successful , the SNB has printed a huge amount of money & bought euros at 1.20, when the could have paid 1.04
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Old 21.12.2013, 00:36
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Re: Central bank posts gains on high gold prices

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We have no idea if it will be successful , the SNB has printed a huge amount of money & bought euros at 1.20, when the could have paid 1.04
It has been clearly successful up to now. The SNB has no choice than to be successful. What I have no idea about however is how much additonal money was printed. I suppose that your assumption that a lot of additional money was printed most likely is correct. To keep the exchange rate of a currency down, you HAVE TO increase the volume of money. As speculators did and do and will buy up CHF, the SNB has to print enough to stabilize things. This was refreshingly clearly explained by Nick Hayek when he started to put the necessary pressure onto the SNB

And, you cannot have it both ways. You cannot fix the exchange-rate at 1.20 and do purchases at an exchange-rate you just killed off.
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Old 07.03.2014, 09:13
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Re: Central bank posts gains on high gold prices

From today's FT

The Swiss National Bank has confirmed that it racked up a SFr9.1bn loss in 2013, as the sliding gold price knocked more than SFr15bn off the valuation of its gold holdings. (All 1,040 tonnes).

The bank had pre-released its results in January, so Friday's announcement comes as no surprise.

The SNB said that the price of gold, at SFr34,195 per kilogram, was 30 per cent lower than the SFr48,815 seen at the end of 2012.

It's a big swing from 2012's SFr6bn profit, with the gold price move wiping out a SFr3.4bn gain from the sale of its stake in the so-called stabilisation fund, or "StabFund," set up during the financial crisis to help deal with domestic lender UBS's toxic assets, and a SFr3.1bn profit from its foreign exchange positions.
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  #45  
Old 14.05.2014, 14:36
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Has Swiss National Bank sold all Swiss gold........ ?

http://www.tfmetalsreport.com/blog/5...le-switzerland
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  #46  
Old 14.05.2014, 16:04
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Re: Has Swiss National Bank sold all Swiss gold........ ?

a bit off-topic!! How did you manage to change the title?
A simple tutorial for the dumb like me would be good. I thought we could only change the title within hours of starting a new thread

Forgot to write; he could well be correct - there are certainly some odd happenings at the moment like "Why will it take so many years for the Fed to return Germany's gold?!"

Last edited by marton; 14.05.2014 at 17:02.
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