Surprising Transparency on Swiss Gold Sales

Read this whole interesting article on Resource Investor.

By Tim Wood
12 May 2005 at 03:22 PM EDT

NEW YORK (ResourceInvestor.com) -- A frank speech in by Dr Philipp M Hildebrand of the Swiss National Bank has taken the lid off the country’s controversial disposal of 1,290 tonnes of gold at the turn of the century.

Hildebrand addressed the Institute for International Economics on May 5 in Washington, D.C. on the largest financial transaction in the SNB’s history.

A bullion expert consulted by Resource Investor described the speech as “amazing after-the-event transparency.” He also noted that followers of the gold price suppression conspiracy would be delighted at the timing and structure of the sales which contributed to lows in the gold price.

The expert said that whilst it was clear from the SNB’s Annual Reports that it had used options for its gold sales, it “will be news to almost all.”