Swiss National Bank just posted a massive Q2 profit of 25.7 billion francs — a stunning reversal from last year’s 22 billion franc loss and far better than the 500 million franc loss in Q1. The surge? Mostly thanks to soaring stock markets, which generated nearly 40 billion francs in gains from dividends, interest, and price appreciation. Meanwhile, their gold reserves took a 14.1 billion franc hit as gold prices fell 14% amid rising U.S. rates and a stronger dollar. Stocks more than made up for the gold slide — proving how central banks’ fortunes swing wildly with global markets.
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