Switzerland to Hold Referendum on Gold Reserve Policy

Posted: 20/04/2013 in Finance, GOLD, Vanuatu
Tags: , , , , , , , , , , ,

 

switzerlandflagPerhaps there is a lesson in this for our own country?

When you read this article here, take particular note of the following comments….”….follows the disposal of some of its (Switzerland’s) gold reserves between 2000 and 2008, as part of an agreement among global central banks to reduce their holdings of gold.

In other words, the Central Banks agreed to sell off their gold in exchange for more Monopoly money. Say what?

Then there’s this lovely observation made by a financial commentator – ”

“This has a long way to go yet, and may not be passed when the referendum does happen,” noted Macquarie Bank precious metals analyst Matthew Turner.

“If it did, it would be incredibly bullish, a rocket for gold prices as we are talking about huge purchases that would have to be made. But the Swiss National Bank will not want its reserves policy to be determined by referenda and this proposal will be countered,” he added.”

Yes – I have highlighted those sections a gold bug would find interesting. Just don’t underestimate the Swiss, is all I say!

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