This page has been archived and commenting is disabled.
Swiss To Vote On Gold Repatriation - "Gold Is The Only Valuable Asset On The SNB's Balance Sheet"
A few weeks ago, we wrote of the Swiss People's Party's efforts to gain enough signatures to force the Swiss National Bank (SNB), who 'supposedly' guarantees the price stability in Switzerland, to stop selling its gold reserves. This last week, as the FT reports, they reached the required 100,000 signature mark and on Thursday the federal chancellery confirmed Switzerland is to hold a referendum that would ban the central bank from selling its gold reserves, force it to keep at least 20% of its assets in the metal, and repatriate gold reserves held abroad and keep them at home. Following Cyprus' forced sales and discussions of the net wealth in other European peripheral nations, proponents of the Swiss measure flatly reject the idea of sales, arguing that disposals of gold reserves at low prices between 2001 and 2006, as well as more recently, have cost Switzerland billions of Swiss francs. The "Save Our Swiss Franc" initiative proclaims, "today gold is almost the only really valuable asset left on the SNB’s balance sheet." The SNB, however, is concerned at, "the monetary policy implications of the demands in the initiative." A date for the referendum has not yet been set - but the FT notes that previous 'referenda' have taken up to several years from acceptance to actual vote.
Switzerland is to hold a referendum on a popular measure that would ban the central bank from selling its gold reserves and force it to keep at least 20 per cent of its assets in the metal.
Under the terms of “Save our Swiss Gold”, which is led by members of the ultra-conservative Swiss People’s party, the Swiss National Bank would have to repatriate gold reserves held abroad and keep them at home.
...
Governments in the eurozone’s beleaguered southern periphery tend to hold a large part of their total foreign reserves in gold – the Italian central bank holds 2,451 tonnes, more than 70 per cent of its total reserves, while Portugal’s holding of 383 tonnes accounts for 90 per cent.
...
They insist that the SNB’s gold reserves, which stood at SFr49.5bn at the end of February, accounting for about 10 per cent of its balance sheet, are the best store of value available to the central bank.
..."Today gold is almost the only really valuable asset left on the SNB’s balance sheet,”...
...
“We have considerable concerns with regard to the monetary policy implications of the demands in the initiative,” the [SNB] said, adding that it would provide a fuller response “in due course”.
A date for the referendum has not yet been set. However, it is not uncommon for the period between an initiative being accepted for referendum and a vote being held to extend to several years.
»
- 27842 reads
- Printer-friendly version
- Send to friend
- advertisements -
Bingfa :"Americans 'snapping' by the millions...." WND is not a source many on ZH trust, some will not even read anything written there. BUT as one in the poison business, the numbers they use on Americans on psychotropic drugs are in fact Low. We in America are held together by addiction to anything that blinds us to our status ;as debt tax slaves to an fascist elite ..SOMA the new Coke.
One quadrillion of otc derivatives and this experiment with QE bets that gold and silver can only rise in price.
Poor Ben Shalom Bernanke. Missing from the upcoming Jackson Hole. His bet failed. Academics, 'educated fools', and 'useful idiots' (Lenin). The Internationale of Zionism is bankrupt.
What's the big fuss, just call Goldman, JP or HSBC and they'll fax you as many Gold certificates as you want. That's a fair trade, one worthless paper for another.
Zionists and their political pets created one quadrillion otc derivatives, and ruined the world. Now, they try to make everyone else fund their losses.
Trade accordingly.
Buy hard assets.
It's called privatizing the profits and socializing the losses. And it works every time.
Notice the slow melt? Tyler is absolutely correct when he/she discusses lack of credit, and lack of disclosure.
Does anyone believe earnings, when top-line revenue continues to miss?
I can buy a 17.3" HP laptop at "Best Buy" for $399.00. Bricks and mortaar bitchez/
BRICS and moar ? ;-)
I just bought my rather elderly father one a couple of weeks ago...at the Mall of America Best Buy. Just to read his email, a super (OK, sort of) nice laptop. Barely noticed the price it was so cheap.
Best Buy was founded here in MN, after the 'old school' record store (Sound of Music) in the Har Mar Mall was destroyed in a tornado. http://climate.umn.edu/doc/journal/tornado19810614.htm
See what you can learn on ZH, Yen?
Democracy is a flippin' nuisance
Well, this deserves a yodeling Irish Poem:
Gold'll Flay Dee Toooo!
There once were some folks called the "Swiss."
Whose Banksters were somewhat remiss.
They invested in junk,
Grecian debts, and such bunk.
Even GOLD, and it all ain't worth piss.
Squeeky Fromm, Girl Reporter
I certainly hope nobody screws around with the Swiss Chocolate !
The Swiss pulled a Jedi mind trick in World war 1 + 2 ! They said, "No thanks,we are not in your War because we are Neutral !"
I still do not know how that works....The French could have told Hitler to not bother invading because they were Neutral but they didn't ? Why?
Sorry,Adolph,We are Neutral and shit, it would have saved a whole lot of bother. The Brit's,Dutch,Belgians ETC could have also said that. The Swedish were not playing either and neither were the Portugese, the Spaniards were also 'Neutral' but they had been test mice for the Luftwaffe killing machine and had gone fascist,so their claim to fame is in doubt,in my mind. Could the Polish have said, "No, Adolph,we are quite busy right now,so we are 'Neutral'".
Were the first 'Modern Banks' formed in Switzerland by the Knights Templer ? Were the Knights Templer a pre-cursor to the Jesuits ?
Why does every Swiss male have Nuke-proof bombshelter space for himself and his family,and I don't. Why does every Swiss family have military training and full auto weapons and ammo in the house ? So many questions, I just hope no one messes with the chocolate.
And if Swizzland is a big natural castle in the heart of Europe,why would Adolph not want it, it has been long alleged that his foes, the Judenfolk, kept their wealth there ?
I think the Swiss are holding Gold that go's back to Venice or Egypt or beyond, What is up with the whole, Neutral country stuff? Any history of a "Neutral" country being invaded ? Apparently, this Gold stuff is quite important. As for myself , I think Portugal would be a walk over and I could get me some nice U-Boat bases,Sweden would give my navy access to the North sea and routes to Russia and Britain,but they said they is 'Neutral' so they ain't playing. History is horse shit.
Secret treaties pledging assisstance, then and still now, are part of the explanation for the dizzy unforlding of WW1 and other "operations" before and after.
Recall, for example, the intermarriage of ruling families in Europe from London to Vladivostok. [Consider the Romanoff family that ruled Russia for 350 years, until 1917. Secret family alliances and enmities were/are beyond the ken/understanding of outsiders, much less commoners.]
How about reporting an alleged buyer? Who is buying said gold? If light can expose the seller then it should also expose the buyer since the buyer is yoked to the seller.
A: PBoC. It's the party NOT getting attention, cause everyone is looking in a different direction, or made to.
Shyay, shyay.
what the ban to sell gold is worth if swiss bank still can print fiat franks ? They will just keep printing
Debugas, if you could print Franks or Euros or Monopoly money or coupons in your house,would you do it ? If you knew that 10,000 armed men would come to protect your 'Legal Right' ?
I would be printing me up some coupons and exchanging them for Gold and I would certainly be giving my armed guards some coupons.Lira,Pounds,Franks,Marks or whatever you call them in your town.
I will give you 1000 coupons for a Spanish Gold Dubloon,right now.
"Franks" = hotdogs.
Chinese banker takes a jump from his office window. Commits suicide because the paper price dropped, and he was betting in the futures casino:
http://shanghaiist.com/2013/04/22/beijing_financier_kills_himself_follow...
Yep, sure it was suicide. Just ignore that footprint on his back...
ultra-conservative party.... LOL. It is just a normal agrarian, mildly right wing party. But if it goes against the WHO agenda, it becomes: ultra-conservative.
You left off middle-class blue-collar ORGANIZED LABOR, but it might have something to do with with disliking all those wetbacks (the white-skinned high-German-speaking type) and also distrusting the wanna-be overlords in Brussels seeking kumbayah-singing devotees.
As far as spending-constraint for their pet interests- they are about as restrained or conservative as the Republitards in Washington.
Just one problem for the Swiss. Where are they going to find 1,000 tons of Gold for sale, (or should that be, who has that much they can STEAL)?
As a nation, they have to be possibly the most amoral one on the planet.
They just wait for wars to give them their spoils.
"As a nation, they have to be possibly the most amoral one on the planet"
as opposed to the humanistic actions of Bolsheviks, Mao or in todays time the US and Israel? Turn off the TV and read more to get yourself educated!
i've read that it may be another 3 years before the referendum actually goes to a vote
So now's the time to buy gold; until the next purge there will be surge.
Gold Bugs Never Learn!!! Well, here is a long poem I have just written about the Gold Bug Fever. I hope you guys enjoy it:
PWNED
Maw!, Quick! Hock the trailer!
And hock the pickup, too.
Gold is 18 hundred,
So, we'll buy an ounce or two.
And when it hits 10 thousand,
Oh, how we'll swell with pride!
Sell it off, pay back the loan,
And buy a double-wide!
Paw, it's Fred, the pawn shop guy.
He's says a payment's due.
Should we sell an ounce of gold,
Or maybe even two???
Nope, it's 16 hundred now,
We need to buy the dip.
Hock the shotguns, and the dog,
We'll wait and sell the rip.
Paw, it's Fred, the pawn shop guy.
Another payment's due.
Should we sell an ounce of gold,
Or maybe even two???
Nope, it's 15 hundred now,
A sure sign to invest!
Let's go get a paycheck loan,
I think that's what is best.
Paw, it's Fred, the pawn shop guy,
And the loan girl, Betty Lou.
Should we sell an ounce of gold
Or maybe even two???
Nope, it's 14 hundred now,
So let's stick out our necks.
We'll gamble on the rally,
With some insufficent checks.
Paw, it's Fred, the pawn shop guy,
And Betty Lou's on hold.
They're mad about the hot checks.
Pretty pleeease, let's sell the gold???
Nope, it's 13 hundred now,
It's got to take off soon.
Nowhere left to go but up.
A rally to the moon!
Paw, it's Fred, the pawn shop guy.
Our trailer has been sold.
Betty Lou has garnished us,
You've got to dump the gold!
Maw, the stuff is selling
For 8 hundred bucks an ounce.
Our best hope is praying that
We get a dead-cat bounce.
Paw, it's getting serious.
The Sheriff's at the door.
He says we have to clear out,
Oh please sell it, I implore!
Maw, I can not sell the gold.
The price could not be worse.
I thought I had the Midas touch. . .
I did, but in reverse.
. . . .
Paw, this cardboard box, it leaks.
The sidewalk's awful cold.
I'm about to starve to death,
Too bad we can't eat gold.
Maw, I know just how you feel.
My pillow is a log.
I miss my shotgun, and my job.
I really miss my dog.
I miss my trailer, and my truck.
I can not be consoled.
All I have to keep me warm,
Is a stupid chunk of gold.
Time for me to dump the gold.
For I've gotten a few tips.
About an opportunity
Investing in TU-LIPS.
Squeeky Fromm, Girl Reporter
Jeeeessssussss
Let these idiots have their fun. Fact is big banks, central banks and central bank presidents personally own the physical, they get it thats why they hoard it..besides its up 2% over night
All that rhymes is not poetry.
Zyklon-B.
Not bad for your first effort, just try and keep it a bit shorter while still getting all the touch points in.
I liked the reference to eating gold, that shows that you have been paying attention.
Score C- but still a pass...
Should this be sung to the tune of "She'll Be Coming 'Round the Mountain"?
can't stop lolling
Who do these countries belong to ? That is now the core of the issue. There are Officials acting in an unaccountable fashion in a dictatorial manner impacting the material well-being of the population and disipating assets and incurring liabilities they have no personal liability for.
Anyone know what 22k gold jewelry demand is like at Indian stores in the US? How about Houston which has quite a few?
So, how many years to get it back form the Fed and BOE? 10? 20? In our lifetimes?
This vote will mean nothing if immediate transfer is not demanded, and it won't be.