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Swiss Voters Reject Increasing Gold Reserves In Referendum
Source: Forbes
11/30/2014 @ 11:00AM
Swiss Voters Reject Increasing Gold Reserves In Referendum
In today’s Swiss gold referendum, roughly 78% voted against expanding central bank gold reserves to 20% of central bank assets from the current 7%, according to Swiss national broadcaster SRF. The vote is a blow to the movement to “Save Our Swiss Gold” that had the hopes of moving Switzerland back toward a gold standard which the country left in 1999. Since then, there has been no requirement for the country’s currency to be backed by gold and as a result central bank gold reserves have waned considerably. The referendum results are not surprising given earlier polls had predicted the “no” camp would win by a large margin, however the results have mitigated concerns that increased demand from the Swiss National Bank (SNB) could cause a spike in gold prices. ...
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Former U.S. presidential candidate and former congressman Ron Paul, who is also a well-known gold standard backer, came out in favor of the Swiss “yes” camp on expanding central bank gold reserves ahead of the vote, saying in an opinion piece on his website, “The Swiss people appreciate the work their forefathers put into building up large gold reserves, a respected currency, and a strong, independent banking system. They do not want to see centuries of struggle squandered by a central bank”.
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Swiss Voters Reject Increasing Gold Reserves In Referendum
In today’s Swiss gold referendum, roughly 78% voted against expanding central bank gold reserves to 20% of central bank assets from the current 7%, according to Swiss national broadcaster SRF. The vote is a blow to the movement to “Save Our Swiss Gold” that had the hopes of moving Switzerland back toward a gold standard which the country left in 1999. Since then, there has been no requirement for the country’s currency to be backed by gold and as a result central bank gold reserves have waned considerably. The referendum results are not surprising given earlier polls had predicted the “no” camp would win by a large margin, however the results have mitigated concerns that increased demand from the Swiss National Bank (SNB) could cause a spike in gold prices. ...
[font size=1]-snip-[/font]
Former U.S. presidential candidate and former congressman Ron Paul, who is also a well-known gold standard backer, came out in favor of the Swiss “yes” camp on expanding central bank gold reserves ahead of the vote, saying in an opinion piece on his website, “The Swiss people appreciate the work their forefathers put into building up large gold reserves, a respected currency, and a strong, independent banking system. They do not want to see centuries of struggle squandered by a central bank”.
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Read more: http://www.forbes.com/sites/jonhartley/2014/11/30/swiss-voters-reject-increasing-gold-reserves-in-referendum/