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To: Canuck Dave who wrote (94632)	10/10/2007 9:31:26 PM
From: Amark$p	Respond to of 312318

The Swiss recently reported sales of 113 tonnes between 15 June and 26 September 2007, with 31 tonnes in September alone. On 14 June 2007, the Swiss announced that it would be adjusting the composition of its currency reserves and would sell a total of 250 tonnes of gold by the end of September 2009. snb.ch __________________ Swiss National Bank directorate member Thomas Jordan told reporters that the proceeds will be used to increase foreign currency reserves. The share of gold in Switzerland's currency reserves has risen to 42% from 33% since mid-2005 due to the increase in gold prices, and Jordan said the sale would return the share of gold in the currency reserves to their previous level. Matt Turner, commodities analyst with Virtual Metals, told RI it was significant that the bank said gold as a percentage of reserves had gotten too high, since many European countries have a higher share of gold reserves. Greece has 80% of its reserves by value in gold, Portugal 79%, Italy 66%, Germany 63%, Netherlands 56% and France 56%. If these banks were to reduce their reserves to 30%, Germany would have to sell 1,802; Italy 1,341; France 1,273; Switzerland 394; Netherlands 311 and Portugal 235 tonnes. According to the Swiss Bank, the sale will occur at regular intervals over a period of two years to minimize the impact on the gold market. Once completed, the central bank will hold 1,040 tonnes of gold, a reduction of 20% from current levels.