This page has been archived and commenting is disabled.
Swiss Gold Referendum Fails: 78% Vote Against "Protecting The Country's Wealth"
Whether as a result of an unprecedented scare campaign by the Swiss National Bank (most recently reinforced by Citigroup), or due to confidence that Swiss gold is as safe abroad as it is at home, or simply due to good old-fashioned "hanging chads", today's most awaited event has come and gone and the result - according to early projections by Swiss television SRF - is that the Swiss population overwhelmingly rejected a referendum to force the Swiss National Bank to hold some 20% of its reserves in gold in a landslide vote, with about 78% voting against what AP politely termed "protecting the country's wealth by investing in gold."
As Bloomberg reports, the proposal stipulating the Swiss National Bank hold at least 20 percent of its 520-billion-franc ($540 billion) balance sheet in gold was voted down by 78 percent to 22 percent, according to projections by Swiss television SRF as of 1:00 p.m. local time. The initiative “Save Our Swiss Gold” also would have prohibited the SNB from ever selling any of its bullion and required the 30 percent currently stored in Canada and the U.K. to be repatriated.
A ballot box is emptied at a voting center in Zurich today.
A map showing the breakdown of the Swiss vote by canton: none of the 23 Swiss regions had a majority vote for the gold initiative.
That said the decision will likley not come as a surprise because while early polls gave the yes camp a surprising lead, subsequently polling showed a marked shift in public opinion, and forecast the initiative’s rejection.
The biggest winner, of course, is the Swiss central bank: SNB policy makers warned repeatedly that the measure would have made it harder to keep prices stable and shield the central bank’s cap on the franc of 1.20 per euro. That minimum exchange rate was set three years ago, with the SNB pledging to buy foreign currency in unlimited amounts to defend it.
“The SNB can feel confirmed in its policy,” said Martin Gueth, economist at LBBW in Stuttgart. “By rejecting the gold measure, voters have come out in favor of its current stance.”
Referendums are a key feature of Switzerland’s system of direct democracy, and are held nationally and at a municipal level several times a year. The gold initiative was launched by a handful of members of the European Union-skeptic Swiss People’s Party. Uneasy about the more than 100 billion euros the SNB holds, they contend their initiative will strengthen -- not weaken -- the central bank’s credibility.
However, SNB President Jordan labeled the initiative “dangerous” and his fellow board member Fritz Zurbruegg said accepting the measure meant the room for maneuver “on currency reserves would be dramatically restricted, with negative consequences for the Swiss economy.”
The central bank, based in Bern and Zurich, would have faced a three-year deadline for repatriating its bullion from abroad and five to meet the 20 percent benchmark. With the European Central Bank poised to enact more stimulus to boost feeble growth and inflation, economists surveyed by Bloomberg News in a poll published on Nov. 19 had expected the SNB to maintain its ceiling on the franc into 2017.
The question now is what will happen to the Swiss France, which recently rose to a 26-month high against the euro. For many the concern that a successful gold referendum served as a catalyst to avoid going all in the CHF, as gold purchases would have weakened the currency. “If the euro crisis doesn’t get worse, then the minimum exchange rate will be defendable, said David Marmet, an economist at Zuercher Kantonalbank. Had the initiative been accepted, ‘‘instruments such as negative rates that don’t widen the balance sheet” would have been an option, he said.
With the referendum out of the way, the CHF may paradoxically find itself with a situation in which the inflows in the CHF force it to double down on defending the cap: economists have questioned whether the SNB will now find itself having to reinforce its cap with a negative interest rate on the cash-like deposits commercial banks keep with the central bank, making good on its threat to take further steps “immediately” if necessary.
And then there is the question of what happens to the tension in the gold swap market: as noted last week, the 1 Month GOFO rate had tumbled to the most negative in over a decade. It was not clear if this collateral gold squeeze was the result of Swiss referendum overhang or due to other reasons. The market's reaction on Monday should answer those questions.
»
- 75055 reads
- Printer-friendly version
- Send to friend
- advertisements -
is there some subconscious message about gold and those 3 yellow butts up top?
On 2nd thought, maybe the Swiss did us ALL a favor.
Lower PM prices next week and the gloves are off in a real battle royale.
ON A LONG Enough Time Line, WE are the last man standing win, by holding metals vs Bankster-Red-Shield-Walking Dead spawn
It was poorly written and just plain stupid. Why have an asset you can't sell? There is a difference between debasing your currency and increasing the money supply. But half the readers here don't understand it.
WHO RUN BARTERTOWN ?? !!!
https://www.youtube.com/watch?v=Hgq4w4dqKsU
not the Debt slaves !
Detailed result : http://www.teletext.ch/RTSUn/111.
Depressing.
Average Swiss citizen see's that gold is a trap....5000 years of gold "money"...then modernity happens insofar as fiat currency....fiat currency with remarkable issues of its own...until science and global governance/trade agreement correct to one unit of currency.... bet that scenario happens before mad max...because who on earth really wants another dark ages...not me chaos lovers..I will take pax romana everytime
The Swiss now officially deserve whats coming their way. OWN IT!!
Not surprised by the result, only surprised by the percentage of the defeat, it wasn't even close lol.
Anyway message received, you wankers are still running the show and calling the shots (for now).
+1 UR, but What's an Urban Redneck doing in Posh Switzerland?
Appreciate your reports, BTW, from the proverbial "Scene-of-the-Crime."
Alex reporting from Arizona & Alaska
Just like in Scotland, the beauty of the issue being voted upon was in its simplicity - a short and clean statement. Yet the simplicity may have hurt both causes, as it gave the lawyers, politicians, and bankers a chance to contrive a number of potential holes in the issues, and of course, the press gave more credence and coverage to those poking the holes - even though the arguments they made were not correct.
“Give me control over a nations currency, and I care not who makes its laws” – Baron M.A. Rothschild
Complete List of BANKS Owned/Controlled by the Rothschild FamilyROTHSCHILD OWNED & CONTROLLED BANKS:
Afghanistan: Bank of Afghanistan
Albania: Bank of Albania
Algeria: Bank of Algeria
Argentina: Central Bank of Argentina
Armenia: Central Bank of Armenia
Aruba: Central Bank of Aruba
Australia: Reserve Bank of Australia
Austria: Austrian National Bank
Azerbaijan: Central Bank of Azerbaijan Republic
Bahamas: Central Bank of The Bahamas
Bahrain: Central Bank of Bahrain
Bangladesh: Bangladesh Bank
Barbados: Central Bank of Barbados
Belarus: National Bank of the Republic of Belarus
Belgium: National Bank of Belgium
Belize: Central Bank of Belize
Benin: Central Bank of West African States (BCEAO)
Bermuda: Bermuda Monetary Authority
Bhutan: Royal Monetary Authority of Bhutan
Bolivia: Central Bank of Bolivia
Bosnia: Central Bank of Bosnia and Herzegovina
Botswana: Bank of Botswana
Brazil: Central Bank of Brazil
Bulgaria: Bulgarian National Bank
Burkina Faso: Central Bank of West African States (BCEAO)
Burundi: Bank of the Republic of Burundi
Cambodia: National Bank of Cambodia
Came Roon: Bank of Central African States
Canada: Bank of Canada – Banque du Canada
Cayman Islands: Cayman Islands Monetary Authority
Central African Republic: Bank of Central African States
Chad: Bank of Central African States
Chile: Central Bank of Chile
China: The People’s Bank of China
Colombia: Bank of the Republic
Comoros: Central Bank of Comoros
Congo: Bank of Central African States
Costa Rica: Central Bank of Costa Rica
Côte d’Ivoire: Central Bank of West African States (BCEAO)
Croatia: Croatian National Bank
Cuba: Central Bank of Cuba
Cyprus: Central Bank of Cyprus
Czech Republic: Czech National Bank
Denmark: National Bank of Denmark
Dominican Republic: Central Bank of the Dominican Republic
East Caribbean area: Eastern Caribbean Central Bank
Ecuador: Central Bank of Ecuador
Egypt: Central Bank of Egypt
El Salvador: Central Reserve Bank of El Salvador
Equatorial Guinea: Bank of Central African States
Estonia: Bank of Estonia
Ethiopia: National Bank of Ethiopia
European Union: European Central Bank
Fiji: Reserve Bank of Fiji
Finland: Bank of Finland
France: Bank of France
Gabon: Bank of Central African States
The Gambia: Central Bank of The Gambia
Georgia: National Bank of Georgia
Germany: Deutsche Bundesbank
Ghana: Bank of Ghana
Greece: Bank of Greece
Guatemala: Bank of Guatemala
Guinea Bissau: Central Bank of West African States (BCEAO)
Guyana: Bank of Guyana
Haiti: Central Bank of Haiti
Honduras: Central Bank of Honduras
Hong Kong: Hong Kong Monetary Authority
Hungary: Magyar Nemzeti Bank
Iceland: Central Bank of Iceland
India: Reserve Bank of India
Indonesia: Bank Indonesia
Iran: The Central Bank of the Islamic Republic of Iran
Iraq: Central Bank of Iraq
Ireland: Central Bank and Financial Services Authority of Ireland
Israel: Bank of Israel
Italy: Bank of Italy
Jamaica: Bank of Jamaica
Japan: Bank of Japan
Jordan: Central Bank of Jordan
Kazakhstan: National Bank of Kazakhstan
Kenya: Central Bank of Kenya
Korea: Bank of Korea
Kuwait: Central Bank of Kuwait
Kyrgyzstan: National Bank of the Kyrgyz Republic
Latvia: Bank of Latvia
Lebanon: Central Bank of Lebanon
Lesotho: Central Bank of Lesotho
Libya: Central Bank of Libya
Uruguay: Central Bank of Uruguay
Lithuania: Bank of Lithuania
Luxembourg: Central Bank of Luxembourg
Macao: Monetary Authority of Macao
Macedonia: National Bank of the Republic of Macedonia
Madagascar: Central Bank of Madagascar
Malawi: Reserve Bank of Malawi
Malaysia: Central Bank of Malaysia
Mali: Central Bank of West African States (BCEAO)
Malta: Central Bank of Malta
Mauritius: Bank of Mauritius
Mexico: Bank of Mexico
Moldova: National Bank of Moldova
Mongolia: Bank of Mongolia
Montenegro: Central Bank of Montenegro
Morocco: Bank of Morocco
Mozambique: Bank of Mozambique
Namibia: Bank of Namibia
Nepal: Central Bank of Nepal
Netherlands: Netherlands Bank
Netherlands Antilles: Bank of the Netherlands Antilles
New Zealand: Reserve Bank of New Zealand
Nicaragua: Central Bank of Nicaragua
Niger: Central Bank of West African States (BCEAO)
Nigeria: Central Bank of Nigeria
Norway: Central Bank of Norway
Oman: Central Bank of Oman
Pakistan: State Bank of Pakistan
Papua New Guinea: Bank of Papua New Guinea
Paraguay: Central Bank of Paraguay
Peru: Central Reserve Bank of Peru
Philip Pines: Bangko Sentral ng Pilipinas
Poland: National Bank of Poland
Portugal: Bank of Portugal
Qatar: Qatar Central Bank
Romania: National Bank of Romania
Russia: Central Bank of Russia
Rwanda: National Bank of Rwanda
San Marino: Central Bank of the Republic of San Marino
Samoa: Central Bank of Samoa
Saudi Arabia: Saudi Arabian Monetary Agency
Senegal: Central Bank of West African States (BCEAO)
Serbia: National Bank of Serbia
Seychelles: Central Bank of Seychelles
Sierra Leone: Bank of Sierra Leone
Singapore: Monetary Authority of Singapore
Slovakia: National Bank of Slovakia
Slovenia: Bank of Slovenia
Solomon Islands: Central Bank of Solomon Islands
South Africa: South African Reserve Bank
Spain: Bank of Spain
Sri Lanka: Central Bank of Sri Lanka
Sudan: Bank of Sudan
Surinam: Central Bank of Suriname
Swaziland: The Central Bank of Swaziland
Sweden: Sveriges Riksbank
Switzerland: Swiss National Bank
Tajikistan: National Bank of Tajikistan
Tanzania: Bank of Tanzania
Thailand: Bank of Thailand
Togo: Central Bank of West African States (BCEAO)
Tonga: National Reserve Bank of Tonga
Trinidad and Tobago: Central Bank of Trinidad and Tobago
Tunisia: Central Bank of Tunisia
Turkey: Central Bank of the Republic of Turkey
Uganda: Bank of Uganda
Ukraine: National Bank of Ukraine
United Arab Emirates: Central Bank of United Arab Emirates
United Kingdom: Bank of England
United States: Federal Reserve, Federal Reserve Bank of New York
Vanuatu: Reserve Bank of Vanuatu
Venezuela: Central Bank of Venezuela
Vietnam: The State Bank of Vietnam
Yemen: Central Bank of Yemen
Zambia: Bank of Zambia
Zimbabwe: Reserve Bank of Zimbabwe
Hi - appreciate a source please - need data like thus to help awaken people
Thanks
The source is that he copies all those banks from Wikipedia, and then just say's they are owned by Rothschild because he's in a funny kind of mood. He's a Moomin, period.
Show the list which isn't and you'll see the axis of evil
exactly
North Korea
Iran
Syria
Cuba
Moar debt! Moar theft from future Swiss generations!
They should take financial advice from Russia.......but as Norgold did with Canada try and keep it on the downlow
http://newworldorderg20.wordpress.com/2014/11/14/russias-gold-mining-co-nord-looks-to-purchse-canadas-carlisle/
What happens when voting is ultimately done with mobs, guns and guillotines?
Prolly get real money!
What will gold do for you then? Better buy lead,lol.
It won't keep the smart and informed from buying gold themselves and being their own central bank.
Stop Stop It's a trick. Just joking. Imagine tomorrow all the Swiss are going out and personally buying all the gold hey can get their hands on.
only 22% of them
Assuming you believe the percentages.
Assuming so, 1 miilion Swiss were to buy each 1 ounce of gold. 31.1 metric tons. No big deal. The Chinease gobble up that much and more each and every week. China can end this whenever they want. But as long as the gold flows, why should they?
Switzerland has been a very well managed country for centuries, so I guess their people decided to bet on what is working. Anyways, gold in the hands of the government does not mean anything.
“Give me control over a nations currency, and I care not who makes its laws” – Baron M.A. Rothschild
They have only come off the gold standard in the last 15 years. Its all downhill now.
Well managed? The pols and bankers there sabotaged the value of their currency by purposely devaluing it. You call that good management? I call it mainstream bankthink, and robbery of the citizens of Switzerland. They'll be no better off than the rest of the sinking countries.
Switzerland is one of the best places to live in the whole world ( if not the best) so I guess they are doing something right over there. There are crooks everywhere but at least their government allows them to live a decent life.
will I live to see the day when the central bankers are in the Bailey repeating the mantra, Who coulda knowed?"
Not unless Soros gives you some of that children's blood that keeps him out of the crypt.
Be your own central bank. Reinforced.
And beware confiscation. The only question is : how ?
They can confiscate only what they can find. Simple. Best place is where they don't want to expend their energy to look. Don't put it all in one place. Make them earn each coin with hours of searching. If they have to pay the same amount to find, it's not worth looking.
cast some gold bullets and give them their gold back !!! Only the best bullets for our central banks !!!
Rigged? Never.
It is a democracy. It is a Soros's democracy.
The Swiss are not so stupid, as the result of the referendum is trying to present.
Switzerland is the only country, which Hitler did not dare to attack.
But Soros dares and wins, together with Rothschilds.
I guess Switzerland TV sucks as badly as US TV.
So now there really is no currency refuge. The only open door is to purchase your own metals.
So, same as it ever was then?
Long live teh fiat toilet paper.
I will be very sorry to pop your dependance on TP and Armageddon nightmares.
use water and here is a tool for that.
https://www.flickr.com/photos/naveedabbas/2348151062/
Once you learn how to use it. TP will be out of your life, forever.
Ewer
i prefer the three seashells
Quick! Let's forget about this and get back to buying silver to bankrupt J P Morgan. One of our hare brained schemes has got to work eventually.
When "voting" no longer matters, revolution through violence will be the only thing that does...
Interesting times. Let me guess, the bankers, or agents of the banker (i.e. politicians) actually counted the votes.
Ironically, expect the CHF to strengthen when markets open !
Well, no denying, the banks did a better job than the gold bugs. For now, the Swiss are happy with their fiat, not fully understanding it to be a euro derivative, in its turn a US$ derivative. We'd give them credit for being able to vote on the subject and for chosing their own demise. It's their privilege and their money.
This vote is just the TPTB "teaching" the Swiss and the rest of the western world that gold no longer matters, it is just a pretty metal. I think we are going to end up in a bi-polar world where you have China, Russia and India float a commodity backed currency or currencies and the west sits back floats the debt/dollar. Growing up and coming countries with natural resources do not want to be tied to the dollar allowing the US and west to control them through currency, BIS and SWIFT codes. The west would then lose a lot of the control they have over the rest of the world. Additionally, if other countries began using a commodity backed currency the west would no longer be able to finance its empire as easily. He who has the gold makes the rules? I think the west is in a struggle to make this saying an anachronism and change it to "He who has the FIAT/Debt makes the rules".
I think gold dives to the 1050 level in the next week with silver tagging along, paper price of course. I think the MSM celebrates the wisdom of the Swiss voter.
"I think gold dives to the 1050 level in the next week with silver tagging along, paper price of course."
I don't keep track of gold priced in chickens. Will gold be stable when chickens are used for the price measure or will it actually be worth more chickens? Maybe you follow gold as priced in bushels of apples. How has that been doing?
When I stated "paper price" I meant the futures contract price which is manipulated down and does not reflect reality. Actually if they did base it on chickens I could at lease eat or breed what I was getting in exchange.
We may be close to the bottom for gold prices.
Why? Because "everyone" knows that Gold is a useless investment and Asia countries are buying more and more of physical gold.
By keeping commodities prices down, the West does a great favor to its main future enemy Communist China and at the same time leaving no room to Putin's Russia to survive in its present shape and form.
Who cares? All this means is that I get a little more time to accumulate. Prices aren't going to spike now, and may go lower.
As for availability, well, I'm only a small buyer, and thus far I haven't had any trouble finding physical forms of PM's. Larger buyers may find some shortages, or delayed delivery times, but those of us only buying small amounts can still find plenty of sources.
And the constant downgrading of PM's means that private sellers are more willing to unload this "useless asset" to 'idiots' like me willing to buy it.
Keep up the good work, gold-smashers...I'm in no hurry, so do your worst!
I don't blame them a bit. In a time of competitive devaluation, why would you ever want the least manipulated currency?
Free shit is so much better then a pot to piss in.
What the fuk? are they thinking?
We're on are own. Plan accordingly.
Silver is taking the real price beating. Down to $15.60 or about 7%.
In what exchange? All the markets are closed. Silver closed last Friday at $15.45. Although if you're projecting a drop at the open, can't argue with that.
the swiss were head-faked, made gold the only serious vote on the ballot, (which in time it will be), the immigration, and living wage will make the gold important.
immigration, if the swiss think their going to dictate their sovereign immigration policy to the eu, they better do some reading.
just as american illegals enjoy americans entitlements, illegals in switzerland will soon enjoy swiss entitlements.
what you vote for is not always what you get, even with a majority vote, i'm an american, just ask me.
your going to have a living wage, your going to increase immigration substantialy, and only a handful of people in the world will know how much gold you own.
don't feel bad, the BIS lets americans vote also, it looks good in the media.
your no gold vote gets you first-class passage on the e.u. titanic.
So instesad of hitting the brakes on a race to the Bottom, the Swiss have hit the accelerator.
At least they seem to have had a choice, which is more than the American people have.
Yes or no for gold ref. never was the question.
Hate this false image of a clean switzerland:Milk ,cows,cheeses.
They historically are a bunch of stinking dirty whistleblowers,cowards&thieves.
Deserve a muslim army invasion or something like that.
Gnomes and Nazis: An account of Switzerland's role in financing Germany's war machine (NYT book review, 1998)
The Swiss, The Gold And The Dead: How Swiss Bankers Helped Finance the Nazi War Machine (Amazon)
I'm gathering this result is as fake as Prop 37 in California and the Scottish independence vote. There's no way the hegemony would allow this.
Never had a snowball's chance. ~Anything~ regarding Honest currency is completely out of the hands of the West now. From here forward, the wind of change blows from the East.
"Voting" is the political equivilent of professional wrestling.
This just proves that anything involving the voting process will always be corrupt. The wealthy will never allow an honest vote on any matter.
The only true way to end manipulation of markets and governments is to decentralize all power structures. One way to bring about decentralization is to apply the concepts of open-source software to all aspects of society.
whether fixed or not...masses, are afraid of change.
We'll ride this sucker until it stops! Sure is getting bumpy.
Keep your fingers crossed, CRIMINALS, will figure it out.
keep holding your breath
Anyone think about the price smash Friday, prior to the vote? TPTB knew the outcome before the vote even started---that's how you know it was rigged.
I find it hard to imagine that only 22% of the Swiss citizens thought it was a good idea to repatriate their national treasure. When I first heard about this vote, I had my hopes the Swiss would do it, but it would require shrinking the money supply substantially which would be a big downward pressure on wages. People are not going to vote for lower wages even if purchasing power is increased. It would also kill tourism and exports. They probably should have only tried for a vote on repatriation and audit and left out the monetary reforms with 20% gold backing. Too much, too soon.
Every Sunday at 3pm Cali I break away from activities to see AU-AG open on kitco, but today's market reaction to the Swiss voting debacle may be more revealing on the live futures link:
http://www.investing.com/commodities/gold-advanced-chart
The Swiss probably didn't want to wind up like the people of Iraq, Libya, or Venezuela.
Too true....
And it does not matter which site I visit or how many comments I see, most everyone, and I mean everyone is bearish on gold, at least in the short term. Most are on the same side of the ship looking down and more are joining every hour. Just keep moving over to the short side all. Easy win, can't lose, piece of cake to short gold, silver. Yup, the majority are always right, Hmmmm!
We shall see.
I'm expecting the optics to be managed here so it MUST go down.
Short CHF.
If they want their 100 billion euros in reserves thry can keep their 100 billion euros in reserves.
Actually, they can buy as much as they like as far ss I am concrrned. The Swiss central bank is so much like those Walmart shoppers.
LMAO, I just watched the news here, the news achor said the referendum today was about the immigration bill, nothing was said about gold.
the 78% vote was to keep the flow of immigrants, makes one think eh.
at some point soon there will be a critical mass of people who decide a can of gas and a match is truly the only solution. it will happen outside the usa, even as the usa needs it most, because usa millemials are so useless they wouldn't dare do anything without a latte in hand.
The critical mass needed is much less than anyone imagines.
How many matches were needed in Fergusson to have the eyes of the world upon it?
Moar north african and ME immigrants for Switzerland means less immigrants for us. Wunderbar!
Plenty for everyone.
And, if not, don't worry. They'll produce more.
While on welfare! Stupid YT's.
Why would anyone expect the Swiss to act differently?
The Swiss are not the Swiss of old. Stop looking at them as savors of the gold flame....
The banksters never lose. Their way too powerful. From carrying out assasinations on presidents to rigging elections through media control they control every aspect of people's lives.
Who owns AP? Ah yes, the Rothchilds. And, AP owns Reuters. Unless, the populace begin thinking, this nightmare will continue for years to come.
To DOW 18000 and beyond!
the Swiss are truly fucked. What happens to 1.5 X GDP of worthless Euros when the union falls apart?
Good. Gold & silver bullion will remain cheap for the near-term. Too bad for the Swiss people but, you know, phuck you & all that.
wow.
The Poor Swiss.
They will kick themselves over that mistake one day.
No surprise this didn't pass. Just how are they supposed to make this happen while their currency is pegged to the Euro.
Next time, unpeg your currnecy, then call the vote.
A bit like the Scottish referendum. If the big money and all the media get agaisnt it it's very difficult to counter the scaremongering. And even harder to win when TPTB are counting the votes.
Call me crazy, but I'm buying more physical Gold tomorrow.
you think buying 2 coins will change the direction of the market ?
Laurence Easeman - The People vs. The Banks & Russell Brand's Botched "Revolution" Debate
http://www.redicecreations.com/radio/2014/11/RIR-141124.php
November 24, 2014
Laurence Easeman is a long time researcher, filmmaker and anti-usury social justice campaigner. He is an activist for Monetary Reform and Land Reform through the abolition of Usury, the creation of Interest-Free Credit and a contemporary system of Tribal Anarchy. At the core of Laurence's work is a struggle against the cabal of Private International Bankers that have a monopoly over our money supply. He believes that if we are to experience any real sense of freedom then we must find solutions to that monopoly, because banking is nothing more than institutionalized usury. We begin by discussing Laurence’s timeline and how he became interested in understanding the hidden mechanisms of banking and money. He describes how once he uncovered the truth behind the fraudulent mortgage industry, a mega-scam essential to the enslavement of the Western population. He decided to test his personal power and challenge an eviction notice issued by the bank carrying his home mortgage, bringing him considerable media attention. Laurence explains how at this time he was inspired by the Dennis Wise documentary The Greatest Story Never Told, which led him to produce the now viral YouTube video entitled The People vs. The Banks. Then, Laurence discusses his recent appearance in the headlines when a smear campaign was launched against him following a botched panel discussion with Russell Brand. Later, Laurence shares his views on what he calls “Revolution Light,” a trap of the Marxists that is restraining the people from forming any true sense of a revolution because any form of openly questioning the constructs and speaking out is so quickly demonized. We wrap up with Laurence sharing some thoughts on the global elitists’ agenda of pushing mass immigration to a crisis point, causing the destabilization of the west and the breeding out of native European peoples.
http://rediceradio.net/radio/2014/RIR-141124-laurenceeasman.mp3 (audio)
~//~
THE PEOPLE v THE BANKS: Conviction beats Eviction
https://www.youtube.com/watch?v=FPKOa-5GPPg (28:09)
Their gold will continue to be safely "stored" in the U.S. and held in China, India and Russia.
Result: Gold collapses tomorrow at the Comex open, stocks hit new highs.
Of course, had it passed we would have gotten same result.
All news (good, bad, indifferent) is bullish for stocks and negative for any physical asset.
Doesn't matter, that gold is coming off the market anyway, to China and Russia. They both have that policy already in place, and doesn't matter if the Swiss join them or not. The Swiss will be left behind Netherlands, so that's tough noogies. Interesting that I am smarter than 78% of the Swiss, and the rest are just as smart as I am.
In context of Swiss exercise of citizen futility to commend their own country’s future, it’s sad to hear that many of ZH crowd (and millions Americans) , while worshiping dollar/gold orthodoxy, demonstrate utter ignorance about reality of money.
All money is just a symbol, has no intrinsic value, short of cost of bringing it to market and store it or in case of metals, use value of it. So gold value is simple current cost of mining it and bringing it to market, and fiat money, has value of piece of fancy paper.
So why price of money is variable and so different then its value? Why “dollar bill” this fancy piece of paper, or entry in our bank statement, buys so much of our hard work ( sweat and tears) while the same dollar buys so little stuff we need? Why our dollar is cheaper than their dollar? Etc.
The answer is: “invisible hand of valuation”, hand of crude power, individual, group, local, global, private, or governmental power, which profoundly influences our lives.
The money impose on us system of values which is not ours, but values of those who, in their interest alone, exercise power over us under mystic concepts of market, law, religion or patriotism spilled through propaganda tubes. In very core of money is a threatening force to submit to some kind of authority called benignly, trusted third party. It is neither trusted but rather forced upon us, nor third, since it is in the middle of transaction imposing its rules. However, it is definitely a party, group of people representing their own interest and not yours, unless you belong to it. Hence, centuries old, and so far unsuccessful, free people’s drive to remove crushing influence of brutal power from economic as well as human relations.
This is reality of Political Economy, Political Finance and Political Monetarism, well known to Adam Smith, informed by strict policies of ruling elites rather then laws of economy and society we suppose to believe in.
Any rational person knows that what’s going on, in so called “global markets”, is utter chaos, where all, carved in stone, market rules and national laws, are thrashed daily with impunity. Even those, who still hold some intellectual integrity and honesty, are giving up on rationalizing the events since all previous theories completely failed.
All this, points to horrifying conclusion which few have guts to utter, desperately trying to bend the spoon (ref. Matrix). What we need is, to have courage to bend our mind instead, to see that, there is no market and never was, there is no economical nor fiscal theory and never was, there is no monetary theory and never was, these are just veils spread over our eyes to blind us from realizing that we are just slaves of brutal power, subjects to rulers’ untamed will.
Paraphrasing Neo, recalling his life to Trinity on the way to Oracle. “See this building, on Wall Street, I worked there as a broker, made lots of money …. hm, none of it actually happened”.
Lesson learned: when it comes to Gold, whatever you can read on ZH, including the comments, is useless trash.
So . .. . someones government is 78% corrupt . . .
??????????????? (What a relief, please resume shipments to China)
Most understand that paper is way better. You can turn it into money!
You can also burn it for heat, when the need arises.
You also use it for ass-wipe if the need arises.
I think they overdid the vote fraud... they should have settled for 60%... because 78% is pretty obvious that there was frigging in the rigging... the stench of corruption grows... hey, WAIT!!! Are the Swiss people black, like the American sheep?
What is it going to take before you pause and think maybe I am wrong, everything in my model says it should go up but it does not.
The model is missing something very big.
The more desperate TPTB are, the bigger the gap between where gold should be and where it's manipulated to be.
What is missing is that things are far worse, and therefore TPTB are far more desperate, than anyone can imagine.
It's not a coincidence that so many CBs are suddenly making significant efforts at repatriating their gold.
And you will win against them sacrificing your savings?
They moved Heaven and Earth to prevent the failure of the system in 2009.
They will not allow gold to take the system down. Period.
Gold can't take the system down. The system takes itself down. Gold just endures across systems.
They manipulate the gold price because they don't want people to see the system is failing. Volcker spelled that out explicitly years ago.
Stand and deliver is not a threat then.
So many here think so
Stand and deliver is a threat to the gold market. Not the system. It'll just show the emperor has no clothes.
Seek thx for the comments nice when people can talk without abuse.
I'm 60 seen a lot of change in my life, one things for sure the world is not going to end the system is much harder to break than most know.
The USD will be of value for the rest of my life. Surges in popular beliefs can make and cost you a lot of money.
These would be the CBs that leased their gold to ETFs for a fee and allowed the ETFs to push paper gold to $1900. Now they have to honour the deals and accept that their gold is held by others untill the leases expire.
Leased out at $600 replacement cost $1178. They have to get it down to original cost or break their banks. They will.
Sure. And when they get the price down low enough all of those Chinese housewives will be buying it all.
Along with everyone else with half a brain.
That's roughly half the current production cost. Lower oil prices will help, but realistically that's not going to happen, even if they nationalize the mines.
Gold is a sideshow to the CBs. They genuinely wish it would just go away and did everything in their power to make it do so, but it just won't. There are far bigger fires that have the CBs attention -- all the of the gold dynamics are just a byproduct of what people outside the CBs have figured out and the CB and their co-conspirator's manipulative responses to counteract this.
The banks are already broken, and have been since at least 2008, and probably 2001. This has just been a long, elaborate cover play while they desperately try to save the system. Hence, we have some severe financial repression and crazy amounts of printing and it's still not working.
If and when the CBs decide they do care about gold, they'll only have what physical they have in hand and what they can steal, the paper delivery promises they helped make through leasing will never be fullfilled. Gold was sold on what amounts to a fractional reserve basis, and we've had a bank run.
The CBs are better off just prentending it doesn't exist to the bitter end, since they'll never fix their problem or reacquire the gold they leased.
http://www.newmont.com/our-investors/stock-data/operating-statistics
Costs $600 $700 all in
That's a single miner with decent ore and substantial co-production amortization.
http://www.bloomberg.com/news/2014-11-05/plunging-gold-price-has-mining-...
The Swiss in essence want to kill themserlves and their future.
Soon the Swiss can merge with a middle eastern country and rename themselves.
They might as well do a Jonestown Massacre, after all their already drinking the bankster koolaid.
Switzerlands yearly budget: 65bn CHF.
Total debt: 211bn CHF.
Accumulation of foreign currencys (worthless ones like USD or EUR): 470bn CHF.
So is the limit against EUR of 1.20 illusionary? I don't think so, seeing this massive debt and those colossal malinvestments. It is such a weakening, I would never invest in this supposedly secure currency. Eurocrats achieved a goal in this limit, as an alternative to the EUR as the swiss currency.
The creeping integration of Switzerland into the Eurozone is new a step further with the No. The devaluation of the CHF will continue, the debt will raise, the backing through gold further dissolve, and we, the swiss people further be taken away from a EU-independent future, becuase we simply don't understand what these people in Brussels are up to.
I voted no, becuase I regularily read Zerohedge, and I know the value of gold to a currency. To bad most people in Switzerland are not capable of understanding the English written here, and they have to rely on eurocrat propanganda masked as leftist "we-must-be-agile-to-react"-crap. This truly is an other low point in swiss politics, media and finance.
I'm a little confused about your post.
You state that you understand the value of gold to a currency, etc.. You state that you regularly read Zero Hedge.
But you also state that you voted no!
Huh?
The failure is awesome - shower me with cheap gold, baby!!!
delete
The few other world leaders that tried this didn't live very long did they.
So much for the notion that the average Swiss is smarter and better informed than their American counterparts. When it comes to modern finance, the whole world is gone full metal retard.
We are in a 101-year fiat bubble. Position accordingly. I must also ask - how exactly would a "yes" vote change actual CB behavior or the effect on those who are already accumulating (also CBs)? How many minds like Krugman would it change? I would not be surprised if this is a non-event in terms of gold prices.
GOLD doesn't matter .... what does, is elimanating all Central BANKERS at all costs !!!!!
Having gold does not mean anything unless you can rid the world of this Banking FILTH
may they rot in hell
I knew it wouldn't pass. Few gold-bugs recognize how dependent Switzerland is on exports to the EU. The Swiss people realized that breaking the euro peg and taking up a gold peg would make Swizerland take on the entire global US empire and CB fiat financial cartel. Switzerland didn't make it through WWII unscathed by playing the stooge for whatever the current resistance movement happens to be.
Like the Chinese, the Swiss elites realize that the currency may well be sacrificed in the long term.
BTW: I voted yes because I want the charade to end.
Yep. Same here. Make that 2 lonely yes votes, actally 3 with my wife. LOL. The MSM propaganda was too systemic, and most Swiss don't have a clue about gold. Now we're pretty much stuck with the Euro. If/when the Euro blows then the losses by the SNB will be staggering.
done to inflict more damage to russia's economy.
just like the drop in oil.
all an illusion.
if you are in the camp that this vote was legitimate and for any other reason than to punish russia and to a certain extent china, you've been fooled.
gold to zero
Well, silver oz can never go under 1$ because thats the face value of an eagle ^^ . . . and a 20$ gold piece has to be at least 20$. . . .
This is pretty much a green light for the swiss central bank to ramp up its counterfeiting operation.
The bankers must be laughing all the way to their mansions after this one.... ^^
Time for China to reveal its 10,000+ tons stash...
ive read that Russia has 3 times that-and they buy millions more each month as the price drops to fire sale prices
n/t
German metal band RAMMSTEIN: 'We're all living in Amerika-Coca-Cola-and sometimes War!'-
Apparently direct democracy and the Swiss aren't any more likely to govern in their own self interests than Merikans.
If I was expat I would love to see the US become a direct democracy. That would be great entertainment value for the entire world.
Yeah, one can even envision a referendum to confiscate and arrest all gun owners, And even have them executed. Did you see that InfoWars petition drive calling for just that; arrest and execute? My Fellow Amerikans....
Best place to view the damage
http://www.barchart.com/forex/METALS
gold and silver futures are CRASHING!
Silver is down almost 10% today!
Glad I never touched any PM's!
They aren't trading yet. 15 minutes to go.
Stunning they held a referendum on this issue. Shows many many more people are waking up from teh Fog of Fiat.
I believe only 100,000 signatures was necessary to initiate a referendum.
National sovernity is an all but dead reality in the West. Marx and Lenin called it a Kapitalistic false construct and that workers are bounded within the Internationale.
As I get older I find I am a barbaric relic entering his golden hoarding years.
AU futures look down $12, oops, now minus $16 at 1150, AG is at $15.33 and will have a 14 handle any time, and my 2 dealers can 'handle' all I want $2-3 higher:
http://www.investing.com/indices/us-30-futures-advanced-chart
Well, there goes my theory for a let up in the shorts and a modest lift in prices following the Referendum vote. Could it be that the Central Banks are making a one last Banzaii attack on gold/ silver?
But the telltale commodity loss is future oil, down 32% from 94 to tonight's 64, in just 45 days:
http://www.investing.com/commodities/crude-oil-advanced-chart
Down over $40 as of 6:40 PM Eastern
Aaaaahhhhhh...stocking stuffers!
AU is only down $20, from Friday's 1170 to tonight's indicated 1150: Kitco's Asian net changes from different times are misleading nonsense to disregard:
http://www.investing.com/commodities/gold-advanced-chart