Swiss Yes Vote Possible - First “Gold Rush” Of 21st Century?
Mark O’Byrne: There are just 3 days left until the“Save Our Swiss Gold” referendum this Sunday. On November 30, voters in Switzerland will head to the polls to decide whether the Swiss National Bank (SNB) should back the Swiss franc with gold by increasing its gold holdings to 20% - up from current levels of 7%.
The conservative Swiss People's party proposed the initiative, called "Save Our Swiss Gold", with the intention of boosting the security and financial and monetary independence of Switzerland in these times of financial uncertainty. They believe that a 20% gold holding will protect the Swiss people from currency debasement, currency devaluation and an international monetary crisis.
In the case of a "yes" vote, gold prices are likely to surge. Analysts do not believe a yes vote is possible. However, analysts have got the mood of the people wrong in many referendums both in Switzerland and throughout Europe in recent years.
We believe that the vote will be very close - much closer than many analysts suggest. After a massive, very well funded and highly coordinated campaign by the banking and political establishment in Switzerland, the polls show that the no side is in the lead...MORE (GoldCore.com)
5 Millimeters equals 5.4 Square Feet?
It's not some new kind of math. A gold nugget of 5 mm in diameter (bottom speck) can be expanded through hammering into a sheet of gold foil about 0.5 square meters or 5.38 square feet. That's Amazing! See Gold Leaf; Goldbeating
Swiss Gold Referendum: What It Really Means--Paul Craig Roberts
In a few days the Swiss people will go to the polls to decide whether the Swiss central bank is to be required to hold 20% of its reserves in the form of gold. Polls show that the gold requirement is favored by the less well off and opposed by wealthy Swiss invested in stocks. http://snbchf.com/gold/swiss-gold-referendum-latest-news/ These poll results provide new insight into the real reason for Quantitative Easing by the Federal Reserve and European Central Bank.
First, let’s examine the reasons for these class-based poll results. The view in Switzerland is that a gold backed Swiss franc would be more valuable, and a more valuable franc would increase the purchasing power of wage earners, thus reducing their living costs. For the wealthy stock owners, a stronger franc would reduce Swiss exports, and less exports would reduce stock prices and the wealth of the wealthy.
The vote is clearly a vote about income shares between the rich and the poor. The Swiss establishment opposes the gold-backed franc, as does Washington.
A few years ago the Swiss government, after experiencing a strong rise in the exchange value of the Swiss franc as a result of dollar and euro inflows seeking safety in the Swiss franc, decided to expand the Swiss money supply in line with the foreign currency inflows in order to stop the rise of the franc. The liquidity supplied by the central bank creating new francs has stopped the rise of the franc and supports exports and stock prices. As a vote in favor of a gold backed franc is not in the interest of the elite, it is unclear that the vote will be honest.
What does this tell us about the Federal Reserve’s policy of Quantitative Easing, which is an euphemism for printing an enormous amount of new dollars?
The official reason for QE is the Keynesian Phillips Curve claim that economic growth requires mild inflation of 2-3%...MORE (PaulCraigRoberts.org)
122 Tonnes of Gold Secretly Repatriated to Netherlands
Mark O'Byrne: The Dutch central bank said Friday it is repatriating some of its gold reserves from the U.S., making it the latest central bank in Europe to address public concerns about the safety of its gold in the wake of the eurozone debt crisis.
As the debate regarding whether or not Switzerland should keep the bulk of its gold reserves at home on Swiss soil reaches it's climax - the referendum takes place on Sunday - it is telling that the Dutch announced on Friday that they have just secretly repatriated 122 tonnes of their sovereign gold reserves from New York back to Amsterdam.
The gold, worth $5 billion at today's prices, represents 20% of the Netherlands total reserves. It now keeps 31% of its reserves in Amsterdam. Another 31% is believed to be in New York, with the remainder spread between Ottawa and London - the same locations where the bulk of Swiss gold is purported to be stored.
The trend towards gold repatriation began with Hugo Chavez bringing Venezuelan gold back to Caracas in 2011. It has been followed by similar moves by other large gold owning nations and central banks, most notably, Germany...MORE (Gold-Eagle.com)
The Real Reason Why Germany Halted Its Gold Repatriation From The NY Fed
Following the stunning announcement in January 2013 that the Bundesbank would repatriate 674 tons of gold from the NY Fed and the French Central Bank, a year later the Bundesbank followed up with a just as stunning revelation that of the 84 tons the bank was supposed to bring back home, it had managed to obtain just a paltry 37 tons, with only 5 tons originating from the NY Fed.
The Bundesbank explained [the low amount of US gold] by saying that the transports from Paris are simpler and therefore were able to start quickly.” Additionally, the Bundesbank had the “support” of the BIS “which has organized more gold shifts already for other central banks and has appropriate experience – only after months of preparation and safety could transports start with truck and plane.” That would be the same BIS that in 2011 lent out a record 632 tons of gold…
The charade ended with a thud in June of this year, when instead of continuing the farce, Germany simply gave up, providing an even more laughable reason why it can no longer even pretend to collect its physical gold located at New York’s 9 Liberty Street.
Germany has decided its gold is safe in American hands...MORE (Investing.com)
The Elite's Worst Fear: Swiss Gold Initiative
Gold Price Could Benefit from Swiss Vote- Why is Gold on the Ballot?
Dominic Frisby Oct. 29, 2014: Switzerland enjoys a rather more direct system of democracy than we do.
If you want some kind of constitutional change, and you can find 100,000 people prepared to support your proposal with their signature, you can get a referendum called.
If the majority then vote in your favour, the matter is then referred to the 26 cantons – the administrative regions (similar to our counties) – and if the majority too vote yes, you’ll get the change you were agitating for.
There’s a referendum coming up next month that could have huge ramifications for gold investors...MORE (Moneyweek.com)
Caution Urged For Those Seeking Gold Bargains
Barrons, 10/27/2014: Once dismissed as a “barbarous relic” by John Maynard Keynes, gold has been on the receiving end of some market barbarity in recent months.
The gold price has fallen nearly 11% from its March high of US$1,379 an ounce as expectations of gathering momentum in the US economic recovery and, more importantly, further gains in the US dollar have erased the luster from the precious metal that notched up an impressive 12 consecutive years of gains up until 2012.
The greenback has been the metal’s bête noire. Gold prices and the US dollar have historically moved in opposite directions, so it should come as no surprise that the rise in the US Dollar Index to its highest level since 2010 has been accompanied by a slide in the price of the yellow metal to a one-year low earlier this month. Analysts argue the US dollar may move higher as the world’s largest economy recovers and the US Federal Reserve begins to unwind its ultra-loose monetary policy...MORE (Barrons.com)
Switzerland Gold Referendum A Healthy Conversation -- Ron Paul
(Kitco News) – Although it is unlikely Switzerland’s gold referendum will pass, one U.S. politician said the country is embarking on a “healthy conversation” regarding the role of its national bank.
Former U.S. Rep. Ron Paul, who is a strong proponent of gold-backed currencies, said in an exclusive interview with Kitco News the fact a referendum on gold reserves was triggered in Switzerland demonstrates that people around the globe are starting to question the reliability of fiat currencies.
On Nov. 30 Swiss voters will vote on three initiatives as part of the gold referendum: whether or not the Swiss National Bank should increase its gold reserves to 20%, that the central bank should stop selling its precious metals and that all its gold should be held within the country...MORE (Forbes.com)
Henry Rollins: "10 Things You Don't Know About the Gold Rush"- watch full show free
The Gold Rush was the largest mass migration in American History with hundreds of thousands of fortune seekers eager to stake their claim to the billions buried beneath California. Henry Rollins mines for little-known nuggets of truth about untold greed, vigilante justice, dangerous and destructive practices.... even secret societies still in existence today. Click here to watch "10 things you don't know about the Gold Rush" Free! on History.com
Giant gold 'Butte Nugget’ sells to secret Bay Area buyer for ~$400k
Kevin Fagan October 25, 2014: “The new owner wants to be secretive, so we can’t name him,” said Don Kagin of Tiburon, the coin dealer who acted as middle-man between the buyer and the prospector who found the 6.07-pound gold lump — the biggest nugget of its kind found in modern times in Gold Rush country.
“Let’s just say it’s a win-win for everybody,” Kagin said. The seller also asked that the price be kept secret, he said. But he added: “We were asking for $400,000 and it obviously wasn’t far from that.”
David McCarthy, Kagin’s chief numismatist, said he could only reveal that the buyer is “a prominent bay area collector” who specializes in historical items...MORE (SF Gate.com)
Australia: Mysterious young father hits the jackpot after finding two giant gold nuggets worth almost $200,000
Nelson Groom: A young father has hit the jackpot after digging up two giant gold nuggets worth nearly $200,000.
The natural pieces of treasure were discovered on a private property in Tarnagulla, near Bendigo, north of Melbourne and have a combined weight of nearly 140 ounces.
Ray Swinnerton, Vice President of the Bendigo Prospecting Club, said he had met the lucky prospector, who wished to remain anonymous for security reasons, and not surprisingly was 'overjoyed'.
‘He was thrilled when he found it, as you can imagine. He makes a living from this stuff, so a find like that is very exciting,' Mr Swinnerton said.
‘He didn't want to be named until he had sold them off. He’s fairly young and it’s obviously a fair bit of money we’re talking about...MORE (DailyMail.com)
The "Butte Nugget"
Digger Bob runs a metal detector over the 6 pound "Butte Nugget"
Treasure hunter uncovers Bronze Age settlement using Google Earth
Dean Rousewell October 22, 2014 --A treasure hunter has stunned archaeologists by locating an historic Bronze Age settlement - using just Google Earth.
Canny Howard Jones shunned his usual methods of finding ancient communities - and simply used the internet instead. He trawled satellite images for the sort of terrain that would have offered food, water and shelter for a prehistoric settlement.
Howard used Google’s overheard mapping site to zoom in on fields and farmland before pinpointing a spot in South Hams, Devon. The former Royal Marine then sought permission from the local landowner before heading down there to scour for remains.
To his amazement he soon unearthed old flint tools, pottery shards and scraps of metal thought to date back 5,000 years...MORE (Mirror.co.uk)
Why aren't 'the Dakota Boys' on 'Gold Rush' Season 5?
Kristi Turnquist October 22, 2014: It showed up as a polite-sounding query in my work email box after I wrote about Friday's Season 5 premiere of "Gold Rush." Clicking on the subject line, "question about gold rush," I found this, from a reader who goes by "Ricki":
"WHERE ARE DUSTIN AND FRED THIS YEAR?"
Well, Ricki, that's a good question. Why has this season of the Discovery Channel hit begun with no mention of what happened to Fred Hurt and his son, Dustin Hurt, aka "The Dakota Boys"?
Our friend, the Internet, has some info. On his Facebook page, Fred Hurt posted about the father and son team's absence from the show, which follows miners -- including Oregonians Todd Hoffman and Dave Turin -- searching for gold...MORE (OregonLive.com)
Swiss gold referendum: Early opinion poll strikes fear
Lawrence Williams 22 Oct 2014: The first Swiss opinion poll regarding the country’s gold referendum, which takes place at the end of November, will have struck fear into the country’s establishment, giving those in favour of the changes a lead. The poll was taken before the Yes campaign has even presented its case to the people in any detail, which it will do in a press conference tomorrow. The establishment, on the other hand, is totally against the proposal, saying that the passing of the referendum would stifle the future financial management options of the country’s economic policy makers.
The poll proposal was started by Swiss People's Party MP Luzi Stamm and two other MPs, with the 100,000 signatures required for a referendum obtained by early 2013. The Swiss People’s party is described as a national conservative and right-wing populist political party and is the largest party in the Federal Assembly, with 54 members of the National Council and 5 of the Council of States...MORE (Mineweb.com)
Recent polls suggest the November 20th referendum does not have sufficient popular support â€“ and, therefore, the markets are not expecting any change in the Swiss central bankâ€™s gold policies or lasting impact on the metalâ€™s price.