USGS releases first study to assess global earthquake risk to mineral supplies
Earthquakes have the potential to substantially affect mining operations, leading to supply chain disruptions that adversely affect the global economy.
The Swiss National Bank, one of the world’s biggest owners of gold, posted Friday a US$10.4 billion-loss for 2013, which has forced it to cancel dividends for the first time in its 107-year history.
The Zurich-based central bank said bullion record-breaking low prices last year caused its holdings to lose value, dropping more than $17 billion (5.2 billion Swiss francs). In 2013, the metal tumbled 28 %, the most since 1981.
The depreciation overshadowed offsetting a $5.9bn gain on its foreign currency positions and a $3.9bn profit from assets’ sales.
Analysts believe the massive loss may put a dent on the right-wing Swiss People’s Party campaign to force the central bank keep at least 20% of its precious metal reserves. The Party has recently collected 100,000 signatures supporting a future referendum on a ruling to prohibit the bank from selling any of its gold reserves.
