Sources report that the Swiss National Bank sold around 12 tonnes (374,000 ounces) of gold in January. This follows substantial amounts of gold sold from June to December, about 145 tonnes when all was told.

However, this should come as little surprise to the market. The Swiss National Bank announced plans last year to sell 250 tonnes of gold reserves over the next two years.

Switzerland is a part of the Central Bank Gold Agreement enacted on 27 September 2004, which limits gold sales by group members to a total of 500 tonnes per annum. So far in the fourth agreement year, signatories within the pact have reported sales of about 121.9 tonnes, although sources estimate actual sales of about 135 tonnes.