"A major shock could be on its way which could dramatically change the gold price. In late November, a referendum in Switzerland could force the Swiss National Bank to hold far more gold reserves.
Should there be be a ‘Yes’ vote, the so-called "gold initiative" would seek to stop all gold sales by the Swiss National Bank (SNB) and require the central bank hold 20 percent of its assets in the precious metal. The Swiss Parliament and the SNB are against it, as this would stop their ability to freely print money and reduce its maneuverability in the market.
Saxo Bank's Head of Commodity Strategy, Ole Hansen explains that such an event would have a "huge" impact on the gold market. The SNB would have to buy thousands of tons of gold over the next three years, which could usher in significant levels of gold buying."
"Mass media is very slow to pick up on this groundbreaking development in Switzerland. Scotland referendum, Catalonia quest for independence will be just orchestrated "democratic noise" compare to this real democracy in action and its implications for the worldwide financial system. China or Switzerland - who will be first to create the gold backed currency now? Read more."
"In a word association game, If I said Switzerland, you might say cheese or chocolate or maybe the alps. But another common item everyone associates with the Swiss is their money. Their banks. Their currency.
Soon, that currency could change in a big way. This November, a Swiss Gold Referendum is going to a vote, and the repercussions, one way or the other, could cast a shadow of uncertainty on the US dollar. Nearly one-third of the Swiss Franc used to be guaranteed by gold reserves, not it’s less than 8 percent.
If THIS VOTE goes through, the Swiss will be forced to raise the gold reserve back up to 20 percent.
Joining us today is radio host Charles Goyette. He and Congressman Ron Paul have talked about central banks at great length on his radio show. Today, we’d like to get HIS input on the Swiss Gold Referendum.NextNewsNetwork"
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