The people of Switzerland have gathered the 100,000 required signatures for a gold referendum on November 30th. If passed this will put the skids to their central bank’s qualitative easing & excessive printing of money and return to a gold-backed currency. If passed Switzerland would have to buy 1,500 tonnes of gold at current prices, or about 59 billion dollars worth. This will have a huge impact on gold prices because it represents about 70% of WORLD gold production. This will pit the SNB against China & India who have been buying gold & silver hand over fist for the last few years. Meanwhile the Fed and the banksters in the US only want to suppress gold to prop up the failing dollar.
Other features of the Swiss Gold Referendum:
- It takes place immediately, not years in the future
- The gold must be physically stored in Switzerland (to prevent what happened to Germany’s gold)
- The Swiss National Bank (SNB) does not have the right to sell its gold reserves
- The Swiss National Bank must hold at least 20% of its total assets in gold (it was 40% as recently as 1996 and is now only 7%)
If the referendum passes Switzerland will become the only country in the world today with a partial gold backing of their currency. And this vote in less than thirty days has huge implications world-wide. As a side note the polling seems to favor the “Yes” side and the SNB is very worried. Those pushing the initiative set up a PayPal account for donations so they can publicize and educate the public on the Swiss Gold Initiative. But, the account was frozen 3 days ago by PayPal. Someone has put the squeeze on. I wonder who?? What are they afraid of?
Aloha, Mikie ~just a blogger (fightin’ like a girl)
~Psst, tired of politics? Check out Travel in the Categories drop down menu (right side panel) for my blogs posted from interesting locations during my travel adventures.