Zurich, Switzerland (GenevaLunch) – The Swiss National Bank (SNB) had cumulative profits for 2009 of CHF6.9 billion at the end of September 2009 thanks to the continuing high price of gold, improvements in financial markets and low interest rates that resulted in valuation gains in both gold and foreign currency investments. Gold accounted for CHF3.8 billion: the price of gold was at CHF33,304 at the end of the third quarter, compared to CHF29,640 per kilo at year-end 2008.
Rich investors are hoarding their gold, sometimes keeping it in their own vaults, the Financial Times quotes analysts as saying, as “safe haven” buying of gold and in particular gold coins continues to push up the price. It’s currently trading at $892 an ounce and precious metals experts at UBS and Goldman Sachs say the hoarding will drive the price up to $1,000. According to the FT, the US Mint in January 2009 sold four times as many US American Eagle gold coins as a year earlier. US Mint figures for gold coin sales, 2008
