The Swiss National Bank (SNB) obtained a profit of around 6 billion francs for the year 2012 (full statement). The profit was reduced from 16.9 billion francs between Q1 and Q3 2012, which means that in Q4/2012 the bank had a loss of around 10.9 billion francs. The profit in gold fell from 6.2 billion in the first three quarters to 1.4 billion in the whole year implying a loss of 4.8 billion in Q4. This 4.8 billion loss was equal to our estimate. We however will mention the relatively small income from Swiss franc positions that the SNB did not mention. The profit in foreign currency positions fell from 10.3 billion ... (full story)