SNB Gold Reserves: Switzerland's 1,040 Tonnes and What They Mean

The Swiss National Bank (SNB) holds 1,040 tonnes of gold — making Switzerland one of the world's largest gold holders relative to GDP and per capita. At a current gold price of approximately 4,549 USD per troy ounce (approximately 3,575 CHF), the SNB's gold reserves are worth approximately 150 billion USD — a significant portion of Switzerland's national wealth.

Where Is the Gold Stored?

The SNB stores its gold in three locations: approximately 70 percent in Switzerland (Bern and another undisclosed Swiss location), approximately 20 percent at the Bank of England in London, and approximately 10 percent at the Bank of Canada in Ottawa. This geographic diversification reduces concentration risk.

Historical Context: The 2000 Referendum

In 2000, Switzerland sold approximately 1,300 tonnes of gold (the "gold sales" programme), reducing reserves from approximately 2,590 to 1,290 tonnes. A 2014 referendum initiative to prevent further gold sales and require the SNB to hold at least 20% of its assets in gold was rejected by voters (77% against). Current gold holdings represent approximately 7% of SNB total assets.

Significance for Investors

The SNB's gold holdings provide an implicit backing for the CHF. In extreme scenarios, Swiss gold reserves could be monetised — a theoretical backstop that reinforces the CHF's safe-haven status and, by extension, the Swiss gold market's credibility.