Swiss National Bank Investments in Gold and Silver Mining Stocks
Comment of the Day

May 26 2020

Commentary by Eoin Treacy

Swiss National Bank Investments in Gold and Silver Mining Stocks

Thanks to a subscriber for this article from economicalpha.com which may be of interest. Here is a section:

The Swiss National bank recently published their schedule of public investments for the most recent quarter ending in March: https://www.sec.gov/Archives/edgar/data/1582202/000158220220000002/xslForm13F_X01/InfoTable_Q12020.xml.

After examining their portfolio mix, just about 4% of the portfolio is invested in the Materials segment, which encompasses 175 positions totaling USD $4.5B. Of this, 24 positions are in gold mining stocks totaling USD $1.216B and 9 are in silver stocks totaling USD $26M.

Eoin Treacy's view

The Swiss National Bank has followed an iconoclastic policy of investing directly in companies for much of the last decade. That makes a lot of sense since it helps to accrue positions in income producing real world assets which either pay dividends or retain income for further growth. They made significant purchases of US tech stocks about a decade ago and positions in gold mining shares today signal an appreciation for both value and thematic investing.

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