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?
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.
And who is buying Gold now:
Kitco:
“There is already support for this referendum and I am expecting the gold market to start paying more attention, especially if the polls show the vote will be close,” said Hansen.
Currently, according to data compiled by the World Gold Council, Switzerland holds 1,040 metric tons of gold making up 7.7% of its reserves.
In a research note published Sept. 24, Analysts at UBS said that if the referendum passes the Swiss National Bank would have to buy about 1,500 tons of gold over the next three years. “1500 tonnes equates to half of the world's annual production,” they said in the report.
“That kind of gold buying would put what we’ve recently seen in China to shame,” said Hansen. Read more on Kitco."