Swiss to sell more gold

Since May 2000, the central bank of Switzerland has sold 603 tonnes of gold as part of its plan to liquidate 1,300 tonnes of gold, or half of its reserves.

Within a year, the National Bank will sell another 283 tonnes, with most of the transactions taking place with well-known institutions.

All transactions comply with the Washington Accord, an agreement on gold sales signed by representatives of 15 European central banks in September 1999.

After reaching its goal of selling 1,300 tonnes gold, Switzerland will have about 1,290 tonnes of the yellow metal in reserve, the fifth-highest total in the world.