Following a vote in the lower house, the government will now tell the EU to “consider [the application] as withdrawn,” Swiss Foreign Minister Didier Burkhalter was quoted as saying by the Neue Zurcher Zeitung, POLITICO wrote. Continue reading
‘Save Our Swiss Gold’ referendum is a primordial scream against a world of quantitative easing but would paralyze the Swiss National bank
Five million Swiss voters will decide on Sunday whether to force the Swiss National Bank to repatriate all its gold from vaults in Britain and Canada, boost its holdings of bullion to 20pc of foreign reserves and then keep the metal forever.
A referendum that would force the Swiss central bank to hold a fifth of its assets in gold could rock foreign exchange markets, analysts have warned.
On the 30th November, voters in Switzerland will head to the polls to decide whether the Swiss National Bank (SNB) should boost its gold holdings and refrain from any further selling of Swiss gold.
The referendum, proposed by the ultra-conservative Swiss People’s party, will also require the bank to repatriate all Swiss gold holdings currently held outside of Switzerland if passed.
The ban on selling gold would go into effect immediately and the SNB would have five years to reach the 20 percent requirement. Continue reading