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Thread: Will The Save Our Swiss Gold Referendum Pass?

  1. #1

    Will The Save Our Swiss Gold Referendum Pass?

    On November 30, Swiss voters will decide on a referendum “Save Our Swiss Gold” that, if approved, would require the Swiss National Bank to retain 20% of its reserves in gold, repatriate its gold held abroad and stop selling any of its gold.


    Does it have any chance of passing?



    https://smaulgld.com/swiss-gold-referendum/



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  3. #2
    Very unlikely. Their central bank is opposed to it and the banksters will always have the final say one way or another.

    XNN
    "They sell us the president the same way they sell us our clothes and our cars. They sell us every thing from youth to religion the same time they sell us our wars. I want to know who the men in the shadows are. I want to hear somebody asking them why. They can be counted on to tell us who our enemies are but theyre never the ones to fight or to die." - Jackson Browne Lives In The Balance

  4. #3
    If passed, it would also require Switzerland to triple their current gold reserves- at a time when they are trying to sell Swiss Francs to defend it against the Euro- to keep it from getting too strong. Increasing gold reserves would have the opposite effect and force them to sell even more of their currency. It would cost them billions.
    Article from January:

    http://online.wsj.com/news/articles/...04153253798112

    Gold's Decline Eats Into Swiss Reserves
    Central Bank to Cancel Dividends for First Time

    ZURICH—It didn't take a heist for the Swiss National Bank to lose $16.6 billion on bullion.

    That is how much the central bank said its gold holdings fell in value last year, as the price of the precious metal skidded 28%, the most since 1981. The loss was only partially offset by the central bank's profit on foreign currencies, saddling it with a $10 billion paper loss for 2013 and forcing the bank to cancel dividends to shareholders for the first time since it was founded 107 years ago.

    The central bank also said Monday that it wouldn't be able to make additional payments to Switzerland's 26 cantons, which are similar to U.S. states, and the federal government for the first time since 1991.

    Investors ranging from coin collectors to billionaire hedge-fund manager John Paulson have been hammered by gold's decline, which ended a 12-year bull run in 2013. Central banks are among the biggest losers, with $350 billion shaved off the value of their holdings in the year through October, according to Wall Street Journal calculations based on the most recent data from the International Monetary Fund. Unless the banks sell, their losses are unrealized and could reverse if gold rallies.

    Enlarge Image

    Most central banks own gold to boost confidence in their paper currency or protect against financial shocks, and are less concerned with the metal's performance.

    For many investors, the shrinking role of central banks in the market is another reason to sell. The magnitude of last year's selloff already is making central bankers reluctant to buy more of the metal, weighing on prices and making a rebound less likely in 2014, analysts said.

    "It's been a very tough period for [central bank] reserve asset managers," said Tom Kendall, a precious-metals analyst with Credit Suisse Group AG in London, pointing to volatility in currencies and the retreat in gold. "In theory these guys should be managing for the very long term, but the fact that they're recording [paper] losses makes it harder to say you should be adding more."

  5. #4
    Quote Originally Posted by XNavyNuke View Post
    Very unlikely. Their central bank is opposed to it and the banksters will always have the final say one way or another.

    XNN
    Certainly they will do ANYTHING to stop it!

  6. #5
    Quote Originally Posted by Zippyjuan View Post
    If passed, it would also require Switzerland to triple their current gold reserves- at a time when they are trying to sell Swiss Francs to defend it against the Euro- to keep it from getting too strong. Increasing gold reserves would have the opposite effect and force them to sell even more of their currency. It would cost them billions.
    Article from January:

    http://online.wsj.com/news/articles/...04153253798112
    Precisely why it is impracticable-I point out they would have to buy GOLD AND Euros-unless they drop the franc euro peg

  7. #6
    Quote Originally Posted by XNavyNuke View Post
    Very unlikely. Their central bank is opposed to it and the banksters will always have the final say one way or another.

    XNN
    The Swiss have more control over their own country than we do here in the US (case in point, the anti-immigration vote from last year). So if they vote passes the SNB will have to abide by it. The bankers will have no choice.

  8. #7
    I can't find poll figures for this specific referendum but did find that only 15% of citizen referendums have passed since 2000. http://www.kitco.com/news/2014-10-10...y-To-Pass.html


    According to a research report published Tuesday by Nomura, referendums in Switzerland are fairly popular; however, very few are actually able to pass. Since 2000, the country has voted on 66 different initiatives, about 4.7 referendums per year, and only 15% have passed.

    In the Nov. 30 referendum, Swiss citizens will be voting on three initiatives: whether or not the Swiss National Bank should increase its gold reserves to 20%, that the central bank should stop selling its precious metals and that all its gold should be held within the country.

    The analysts said that their base case is for the “no” side to win, but they still looked at the implications in the off-chance that the “yes” vote one.

    The analysts noted that a yes vote would force the SNB to purchase between $67 and $83 billion worth of gold and trip its current gold holdings at 1044.9 metric tons.
    However, in the long-term a yes vote would lead to the central bank increasing its balance sheet and depending on three scenarios, could lead to an appreciation of the Swiss franc.

    In the mostly likely scenario, analysts said that the central bank will probably just buy more gold as this would have the least impact on the country’s currency. They added that the SNB would have to, on average, buy about 9.62% of the world’s gold production each year for the next five years.

    The second scenario would be for the central bank to reduce its foreign exchange reserves and purchase a smaller amount of gold; however, this would lead to a stronger franc, which in turn could hurt the country’s economic growth.

    The third scenario Nomura sees is for the SNB to reduce its foreign exchange reserves by 69% and not actually buy any gold; however, this is unlikely because it would lead to an extremely strong currency.

  9. #8
    According to the daily mail, the vote is currently too close to call.

    The SVP gold initiative is opposed by the Swiss government, the central bank and several influential parties.
    The poll showed support at 45 percent, short of the majority needed for passage. Some 39 percent opposed the initiative, while 16 percent of voters were undecided.
    16% undecided could swing the vote toward the YES camp.

    http://www.dailymail.co.uk/wires/reu...its--poll.html

    EDIT: actually, the YES camp is now slightly in the lead.

    (Kitco News) - A slim majority of Swiss citizens said they would vote yes to force the Swiss National Bank to increase and hold on to their gold reserves, according to the country’s first opinion poll.
    http://www.forbes.com/sites/kitconew...ld-referendum/
    Last edited by DFF; 10-25-2014 at 12:40 AM.



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  11. #9
    That was an online poll- not a scientific one. Ron Paul used to win lots of those too.

  12. #10
    I think it may pass .

  13. #11
    When is the vote?

    EDIT: OK, quick Google search and I see it is on Nov 30th
    I too have been a close observer of the doings of the Bank of the United States...When you won, you divided the profits amongst you, and when you lost, you charged it to the bank...You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, I will rout you out!

    Andrew Jackson, 1834

  14. #12
    Rick Santelli thinks it will pass--see King world news -he also made the prediction on CNBC

  15. #13
    Quote Originally Posted by Smaulgld View Post
    Certainly they will do ANYTHING to stop it!

    Counterfeit whatever it takes if they can't find someone to do their bidding for them. If they can find someone they'll counterfeit whatever they want to borrow to get the job done. They in turn more than likely have someone else all lined up to dump the bill on.



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