Speech given by Mr Jean-Pierre Roth, 2005

Speech given by Mr Jean-Pierre Roth, 2005

On 31 March, we completed our sales of the 1,300 tonnes of gold no longer required for
monetary policy purposes. These sales had begun on 1 May 2000. The
fears expressed in some quarters that our gold sales would destabilise the market have proven to be
unfounded. By selling the gold in small instalments and according to a fully transparent schedule, we succeeded in assuaging the market’s fears. M
oreover, our sales strategy and risk hedging also proved effective in financial terms: the 1,300 tonnes of gold the 1,300 tonnes of gold were sold
at an average price of CHF 16,241 per kilo. This was CHF 700 more than the average market price during the same sales period. An additional profit of more than CHF 900 million was therefore realised.

original destination at SNB