Switzerland, record losses for the central bank because of the gold

The collapse in gold prices 'given' losses of approximately 2013 billion francs to the Swiss National Bank (Snb) in the 9 financial year. This was announced by the bank, specifying that the value of its stake in the yellow metal lost around 15 billion francs following a drop in the price of gold of almost 30%, the highest since 1981. Due of this 'deep red' Snb canceled the dividend to shareholders for the first time since its foundation (in 1907) and the contributions to the country's 26 cantons (for the first time since 1991). Based on provisional data, the lender also indicated that in addition to the mega losses it recorded a profit of about 3 billion francs on foreign currency positions and another 3 billion from the sale of a fund with assets from the Swiss bank UBS. Snb, whose majority is in the hands of the cantons, will communicate the 2013 data in detail on 7 March. In 2012 it had recorded a net profit of 6 billion francs, of which 1,5 billion paid in the form of dividends and one billion to the Swiss Confederation and the cantons. Currently the price of an ounce of gold is around 1.200 dollars following the deflation of the financial crisis. In 2011, when financial markets panicked, it had soared to as high as $1.900