Swiss central bank keeps some gold in UK, Canada

AP News
Posted: Apr 26, 2013 9:22 AM

GENEVA (AP) — Swiss National Bank President Thomas Jordan has for the first time disclosed where the central bank stashes its gold — mostly at home, but also some in Britain and Canada.

Jordan says 70 percent of the central bank's 1,040 tons of gold is stored in Switzerland, while 20 percent is stashed with the Bank of England and 10 percent with the Bank of Canada.

His disclosure in a speech Friday came a week after the Swiss Cabinet announced that the nationalist Swiss People's Party had gathered enough signatures to force a referendum that would ban the central bank from selling off any gold reserves or storing them abroad.

Jordan criticized the initiative, saying a ban on gold sales would not guarantee price stability or improve the nation's emergency preparedness.