Swiss National Bank out with their Q1 2016 results 28 April
– valuation gain of CHF 4.1bln on gold holdings
– forex positions +CHF 1.2bln
– CHF appreciation resulted in total exchange rate losses of CHF 6.9bln since Jan 2015
The news will cheer the SNB shareholders but the figures are not surprising given the SNB/market’s intervention to drive EURCHF higher.