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Swiss To Vote On Gold Repatriation
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."
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.
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“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.
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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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Extremely ironic.. The Swiss voting on getting their gold back and the Cyprus people didnt get to vote about getting their money
Chinese fortune cookie curse is true... May you live in interesting times!
If these guys are called right wing extrimists...wonder what they call me..what they are asking for seems logical to me...in these times....
The same Swiss that devalue their Franc with the Euro will now be concerned about gold???
That was the SNB, wasn't it? The Swiss people never got to vote on that.
you're missing the point totally. we had to devaluate. where are we supposed to export with a strong franc?
LOLOLOL they want gold in the US sent back.... that'll take 90 years... IT AIN'T THERE!!!!!!
Didn't you read the classification on where it is?
"In Deep Storage"
(Meaning "Yet to be Mined")
Sorry Swiss but you'll have to wait till we get done paying back Germany in 7 years. Then you can be next.
Yeah they can have it back... but it will take 25 years.
How fast can we mine this stuff out of the ground again?
... make that 50 years.
Phone call from Obama and Bernank:
Sorry swiss/german dudes. WE put all that real, 24 carat gold on the ship, and well, it sank in the middle of the Atlantic - right over a sub oceanic volcano and it is gone. Oh well, here are some paper gold certificates you can keep in your fucking shiny new vaults.
Later....we gotta go.
instant loose of credibility worldwide
the only problem is finding the [ormolu] gold`end conveyor belt... of these so`called opaque dualistic treasure'd [leased?]vaults, ~ 300 meters lenght-- shared simultaneously between the nyfrb and jpmc, where one can supposedly perambulate without falling over and choking on the bernak`s palindrome`pellucidity-- whence, all that is seen, or not seen, is as it should be?
send dennis rodman over there to calm those people down. he gots lots of gold hangin off his face. no worries. moar rodman.
We're soon gonna invite Ron Paul to speak at a Libertarian think tank which I'm a member of:
http://www.libinst.ch/?i=home--en
Quick America and Britain,,,,invade China.....and South Africa,,,,we've got to get zeee gold!!
talk about a death wish - do the swiss people really understand what they are asking? they will see nato boots knocking in their doors faster than they can say cheese....
and if they honestly think that they have any gold left, consider my prepared remarks: bbbbwwwwbwbwwwahahahahhahhhhhaaaahahhahahaaaaahhhhhahahhahahhahahahahahhaha!
bahahaha nato boots knocking on our doors? dont say stupid things please.
How you like me now IRS M'Fkers.
The ponzi is unravelling faster than I could have imagined
Next summer in a world gone mad, only one man can stand up against the tyranny and oppression of the Dutch. You will all eat chocolate and buy watches! Starring Van Weasel and Taryn pussy flounder, and Dyaneau Reeves in "let's kill the dutch."
Why is Switzerland's gold stored in the US to begin with?
Faith in the once mighty Doollar.
Plus it helps when you hold a gun to peoples' heads.
the victor of WW2 probably wanted it this way. why? because it can. guns and gold go hand in hand.
Country number 2 asks for its gold. When country number three says ]give me my gold] the cat is out of the bag!
Mer-meow?
Don't mess with Texas!
http://finance.yahoo.com/blogs/daily-ticker/texas-may-start-hoarding-gol...
Waste of time. It might stir up some votes for the "politicians" doing the stunt which any reasonable person would find agreeable, but it ain't gonna happen even if we all screwed up our faces in concentration to wish it to reality.
A similar vote failed in parliament, and a popular vote is likely to take years, according to the press (Reuters). By then who knows?
The Fed will sofitel the shit out the Swiss. Come on! We all know they would rather nuke Zurich than openly admit their gold is gone.
Swiss politicians can make any noises they like, even if they were united on the issue, which they are not. The SNB is independent of the Swiss govt., and they are unlikely to do anything they are told. That's like expecting Bernanke to listen to a popular politician or the man in the street in deference.
It's a stunt. One I would wholeheartedly support if I did not see it for what it is: cynical manipulation of decent people by a bunch shady characters who have no intention of carrying this through, because it was already impossible from the start. I mean really! If you haven't figured out that there is no gold at the Fed after what happened to the Germans, then there's no hope.
According to the SNB, in 2005 they had the majority of their gold stored in Switzerland. That would have been at least 700 tonnes, located below the square in Berne.
SNB also has accounts in BoE, FRBNY and BdF, so work it out yourselves as to where in theory the minority is..
I suspect the Swiss will get their gold in a timely manner if this goes through. They have leverage, a few key swiss bank accounts made public and hell will break loose.
Ferdinand Lips: Die Goldverschwoerung.
Good luck getting your gold out of the U.S.These little things take a long time.
so which african gold mining country will be raided by the american army this time?
"It also wants gold bars stored in the US to be returned."
Too funny.
Good luck with that one unless you accept"gold certificates"
Hhahahahahha aaahhhaaahh haah ahhaaaahhhhh
They want thier gold back.....
Too funny Ben says.
whos next .....
I guess the Swiss read zero hedge; if you can't fondle it, it isn't yours.
I don't think BIS is going to appreciate watching their members fiat Ponzi scheme go quietly into the gentle night.
Swiss politicians will be floating in Lake Geneva like champagne corks in a Bunga-Bunga pool party.