May 27, 2020 / 12:45 PM / a month ago

Swiss National Bank's Jordan happy with gold reserves level

ZURICH, May 27 (Reuters) - The Swiss National Bank is satisfied with the level of its gold reserves, Chairman Thomas Jordan said on Wednesday, despite the potential losses caused by the bank’s huge balance sheet and current market turbulence.

“We have no intention to buy or sell gold, but that can change over time,” Jordan told an virtual event in Zurich.

With 1,040 tonnes of gold the SNB is one of biggest holders of gold in the world. The central bank was addressing risks in its holdings by diversifying it assets in different currencies and classes like assets and bonds, Jordan said. (Reporting by John Revill; editing by Brenna Hughes Neghaiwi)

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