zerohedge and pmbug contributor swissaustrian has been making people aware of Switzerland’s upcoming referendum to add “a constitutional initiative to ban gold sales by the Swiss central bank (SNB), to require the SNB to hold at least 20% of its assets in gold, and to store all Swiss gold in Switzerland.” This is a reaction, presumably, to the foolish, or perhaps nefarious depending on your perspective and sources, selling off of 1,300 tons of the Swiss peoples’ gold on to the world market during a major dip in all-time gold prices.
That’s a minimum of 60 billion US$ that the Swiss have lost on the upside. While the “right-wing” arguably racist anti-immigrant SVP party is behind the initiative, swissaustrian is more nuanced than that and despite being abhorred by most of the other policies and planks of the SVP, is supporting the measure and actively soliciting signatures for a petition for it. The Swiss having a direct democracy can quite easily vote this into place. This is also a good example of how partisan politics should be put aside for the issues themselves. Most US citizens balk at a measure when they find out it’s being pushed by their least favorite political party, which is very short-sighted.
This gold sale may sound familiar. There was one just like it, Gordon Brown dumping 395 tons of the UK’s national gold onto the world market in return for fiat currencies the US dollar, the Euro and the yen. In fact, that was done before the Swiss sales began. It’s almost as if this is part of some greater plan at global currency devaluation, or an attempt at wealth redistribution from wealthy countries.
The question is, did the gold really move from the UK and Swiss vaults or … ?
This is all so sketchy. And who knows if the some or all the gold has been doctored with tungsten?
On the bright side, if this does go through, it could restore some of the confidence that was lost in the Swiss banking system because of the 20% minimum requirement in gold – this means if fiat currencies go to 0 like they always have been and always will, then at least one can retain 20% of the value of their investment instead of 0.