Swiss Gold Referendum – What You Need to Know

posted in: news | 0

Louis Cammarosano Smaulgld.com October 2014

On Novemeber 30, 2014, the Swiss will go to the polls to vote on a referundum “Save Our Swiss Gold” that, if approved, would require the Swiss National Bank (SNB) to hold 20% of its reserves in gold, repatriate any gold it holds outside its borders and cease selling any of its gold.

Will the Swiss gold initiative pass? What are the implications for the price of gold if Save Our Swiss Gold passes?

Switzerland is a country that is almost synonymous with gold. The idea of Switzerland conjures visions of vaults stuffed with gold buried deep in the Alps. Lately, however, Switzerland has been divesting a good portion of its gold. Gold as a percentage of Switzerland’s foreign reserves is just under 8%.

The “Save Our Swiss Gold” referendum is a ballot initiative spearheaded by Luzi Stamm, Vice President of the Swiss People’s Party, (Schweizerische Volkspartei or SVP) that would require the Bank of Switzerland to:

– hold at least 20% of its reserves in gold;
– repatriate of all of its gold currently held outside its borders; and
– ban selling any of its gold…MORE (Smaulgld.com)