Swiss National Bank's Gold Holdings Boost Q3 Earnings to $19 Billion
The Swiss National Bank (SNB) has enjoyed a significant boost to its earnings during the third quarter of 2025, with a notable increase in its gold holdings. This gain, amounting to around 15 billion francs ($19 billion), marks the largest quarterly rise so far this year.
The SNB's gold reserves, currently standing at 1,040 tons, have proven to be a substantial source of this growth. The rising gold price offset the central bank's earlier losses incurred during the first half of the year, which were attributed to a strong US dollar.
The SNB's equity portfolio also contributed to this positive performance. While specific profits from its investments in US tech stocks like Nvidia Corp, Microsoft Corp, and Apple Inc. are not disclosed, it is clear that these holdings have played a significant role in the overall profit for the first nine months of the year.
The SNB will publish its nine-month earnings report on October 31, 2025. Despite this strong performance, the central bank's earnings do not directly influence its monetary policy. However, Karsten Junius, chief economist at Bank J Safra Sarasin, anticipates that the SNB will make a payout to the government and cantons based on its robust financial results.
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