Swiss To Vote On Gold Repatriation

Tyler Durden's picture

The Swiss National Bank (SNB), which supposedly guarantees price stability in Switzerland, currently holds about 1,040 tons of gold reserves after gradually selling off at least 1,550 tons and now members of the Swiss People's Party, the far-right Swiss Democrats and the Lega dei Ticinesi movement, is confident a nationwide vote will be called (after they gathered 106,000 signatures) on stopping the sale of gold reserves held by the SNB. It also wants gold bars stored in the US to be returned. As Swiss Info reports, the People's Party leader Luzi Stamm comments, "Gold reserves guarantee the stability of the Swiss franc. They ensure that that private savings, salaries, pension keep their value," warning that gold must not be the object of speculation for the SNB or for politicians and demanding the SNB keep a minimum of 20 per cent of its assets in gold, twice the current level. In addition, they want to force the government to disclose where the gold reserves are stored, since "it is only in safe hands if it is kept in Switzerland."

 

Via Swiss Info,

A rightwing group has submitted more than 106,000 signatures to the federal authorities, seeking a vote on stopping the sale of gold reserves held by the Swiss National Bank (SNB). It also wants gold bars stored in the US to be returned.

 

The group, led by members of the Swiss People’s Party, the far-right Swiss Democrats and the Lega dei Ticinesi movement, is confident a nationwide vote will be called on the issue once the signatures are verified. A date still has to be set by the government.

 

...

 

Gold reserves guarantee the stability of the Swiss franc. They ensure that that private savings, salaries, pension keep their value,” Stamm said.

 

He warned gold must not be the object of speculation for the SNB or for politicians.

 

The initiative also seeks to enshrine in the constitution a clause obliging the central bank to keep a minimum of 20 per cent of its assets in gold, twice the current level. Promoters say higher gold reserves will boost the SNB’s credibility.

 

In addition, they want to force the government to disclose where the gold reserves are stored.

 

An important part of the reserves are kept in the United States, according to People’s Party parliamentarian Lukas Reimann. He doubts whether the heavily indebted country can be trusted with the Swiss gold.

 

It is only in safe hands if it is kept in Switzerland,” he told journalists.

 

...

 

The SNB, which has to guarantee price stability in Switzerland, currently holds about 1,040 tons of gold reserves after gradually selling off at least 1,550 tons.

...

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Manthong's picture

Is this where it starts getting real physical?

localsavage's picture

No.... this is where the gig is up.

Rubicon's picture

Lets hope they do a better job than the Germans!

macholatte's picture

 

 

“Do you hear that, Mr. Anderson? That is the sound of inevitability.”

  -- Agent Smith - The Matrix

Big Slick's picture

"You disappoint me Mr. Anderson."

"What good is all your fiat currency, if the ATM's won't let you withdraw it?"

bigkahuna's picture

You will receive your gold......in installments over 30 years.

Buck Johnson's picture

It's just delaying the inevitable pure and simple.  Eventually we all have to take a bit of this S**t sandwich and we won't like it.

kaiserhoff's picture

No problemo Swissies.  It will just take us seven years to...ahem,, find, rehypothecate, figure out what the hell Corzine did with your gold, or was that seventeen years?  We git back atcha.  Cheers.

Bastiat's picture

Yeah, you can have it back just as soon as the miners dig it up and sell it to us under forward delivery contracts that are $500 underwater.

kaiserhoff's picture

They didn't read the fine print about "when hell doth freeze over, and other unforeseen or unforeskinned circumstances..."

Urban Redneck's picture

It's convenient that half the world's gold gets refined in Tichino or Neuchatel, otherwise we might need another Xstrata to go dig it out of the ground... Although with the huge stash of worthless EUR and USD the SNB is just sitting on the paper price of gold is somewhat irrelevant.

Ar-Pharazôn's picture

it's called Ticino, that's where i live ;)

swissaustrian's picture

The intiative limits the timeframe to 2 years for repatriation and 5 years for the purchase of the additional 1000 tons of gold needed to reach 20% of "assets" (sic!), ie reserves.

cifo's picture

I expected this to be your guest post, honestly.

Cognitive Dissonance's picture

Good luck with that. As with any (central bank) conspiracy once the conspirators begin to defect the game is over. So every effort possible will be made to remind the various under-pressure-from-the-home-front central banks that they don't want to (can't in fact) jump ship.

I fully expect a new round of hot tub drownings and private airplane deaths to commence. Might even have a few full size passenger jets come down out of the blue with various recalcitrant national financial delegations aboard. 

A loud and clear message must be sent. The Ponzi puppet masters will turn to intimidation, blackmail and even assassination to keep this going another day/week/month etc. It will all be justified as "national security issues".

<Desperate men will do desperate things. Bank on it.>

vulcanraven's picture

"Might even have a few full size passenger jets come down out of the blue with various recalcitrant national financial delegations aboard."

 

The Titanic comes to mind...

gonetogalt's picture

No, not the Titanic, but the KAL 747 shootdown was over Congressman McDonald and a 'reluctant national financial delegation aboard' who never made it to Japan...The Japanese economy would be far different today but for that shootdown.

glenlloyd's picture

The TSA comes to mind....

Pseudo Anonym's picture

did you have anybody in particular in mind?

The Ponzi puppet masters

aah, never mind....

lolmao500's picture

2 years for repatriation? They gonna have to send the Swiss army in Fort Knox and in NYC to get all that gold so fast.

swissaustrian's picture

Part of it is supposedly in London

AlaricBalth's picture

Ghana soon to be invaded by US and British forces to liberate the people from an alleged terrorist incursion. I would have chosen Mali but the French already claimed its gold.

Panafrican Funktron Robot's picture

The thing about the Swiss, is that just about everyone is weaponized.  When these sort of demands are made in Switzerland, it's actually hazardous not to listen.

Speaking of which, our fabulous public radio here in the US did a half hour show regarding Swiss gun culture, with an obvious bent towards "why do those crazy Swiss seem to love guns so much".

Gee, I don't know, Steve Inskeep, probably has a lot to do with having any kind of power as an individual citizen.  

KnightTakesKing's picture

Yeah, but they (soldiers) never leave Swiss soil. So the US and UK have nothing to really worry about re: returning Swiss gold.

Ar-Pharazôn's picture

so do you think that after not returning gold to switzerland, anyone will ever trust in USA again?

shovelhead's picture

Why would anyone trust the US anyway?

Ponzi...We're #1 and proud of it.

Half_A_Billion_Hollow_Points's picture

Bernanke's getting bitchslapped again  

Let's get physical!

http://www.youtube.com/watch?v=vWz9VN40nCA

Croesus's picture

The Bernank is going to bail from the Fed, probably fairly soon. He's smart enough to know that he doesn't want to be the fall guy for when SHTF.

redpill's picture

These guys already blew their wad when it came to "guaranteeing the stability of the Swiss Franc" when they tied to the fucking Euro.  Helllooo

akak's picture

You beat me to it, redpill!

Just once, JUST FUCKING ONCE, I would love to see some nation, ANY nation, refuse to mindlessly follow the herd into monetary depreciation and the beggar-thy-neighbor insanity of fiat currency debasement.

AetosAeros's picture

"...and the buggar-thy-neighbor insanity ...."

There fixed it for you.

 

In the Army, when doing drill and ceremony, you have a prepatory command ('RIIIIGHT') and the command of execution ('FACE'). We used to call 'buddies' the prepatory command. Kind of like 'Member States', 'Member' being held the same. (pun intended)

Or out here in silly villain land I've heard the term that 'buddy' is only part of the word. Same thing.

Panafrican Funktron Robot's picture

The trick is controls on foreign direct investment.  That's the weapon used to get everyone in line.  Cut off the "hot money" flows, and you can have a relatively sane currency.  

Croesus's picture

There are a lot of different ways of looking at it, but I'm a simple man:

 What I will say about Gold is this: There is a "natural rhythm" to the world, that exists in people, nature, markets, weather, etc. Whenever "there is a disturbance in the force", nature seeks to restore that rhythm.

What we have today, is complete chaos all across the board, implying that "nature's reaction" is coming. The farther our actions take us, the more violent the reaction will be, when the pendulum swings the other way.

Forgetting fundamentals, forgetting what "so and so said", and what we think we know, there is a simple truth to Gold that no other asset can boast, and that is its history as an "item of value" that spans all cultures and time itself. 

This natural affinity people have for Gold, is what guarantees its stability, and value.

This affinity has outlasted governments, and civilizations; it predates religions, and it will outlast the ravages of central banking too.

Dr Benway's picture

If you want a simple way of looking at it:

Of every currency, stock, bond and financial instrument created in history, most are now worthless, whereas every ounce of gold mined has always had value.

LawsofPhysics's picture

Correct, just remember the important bit; when fraud becomes the status quo, possession is the law.

Go Tribe's picture

It's also the only substance on Earth that the aliens want.

http://www.youtube.com/watch?v=9IzZsjED07A

 

 

BullionTweet's picture

Affinity requires affinity to perceive. Thank goodness you guys are out there. Gives me hope.

Miss Expectations's picture

Nicely handled Croesus. 

Here's a short video of the Hidden Treasures from Afghanistan (Gold):

http://www.youtube.com/watch?v=aHx3k9NhIEM

Croesus's picture

Thank you! :) Cool video! Did you ever see any of the Scythian gold?

https://www.youtube.com/watch?v=tfzAqhUlrFw

 

@ Bullion Tweet: Hang in there, buddy! The numbers are growing by the day; in fact, I have a hard time running into people who don't agree with me, these days......

McMolotov's picture

Bwahahahahahaha! This shit's going sideways in a hurry. I'm lovin' it!

Pairadimes's picture

"Sunnuvabitch! Totally did not see that coming!" - Bernanke

CheapBastard's picture

At least the Swiss People's Party has heard about Corzine evidently.

swissaustrian's picture

The initiators were influenced by Ferdinand Lips' book "gold wars".

Besides that they're similar to neocons in the US minus the foreign policy aspects.

bigkahuna's picture

How do you stoke up the military without making up some villian out of some mid-eastern/asian country and sending your soldiers over? Our neocons are actually military industrial statists. A real bunch of assholes. 

Our neolibs (also statists) are beginning to show a propensity to want to do something to their own countrypeople though. Do they fit this category?