FX Empire: Swiss Vote Cliff Notes: The New Gold Standard Debate - Part 2

December 01, 2014
FX Empire

This has been the main motivation of the “Save our Swiss Gold” referendum. Proponents of the upcoming vote claim that the SNB does not have the right to sell “the people’s gold.” Passage of the measure would prohibit the central bank from peddling any more of the country’s remaining reserves, require the immediate repatriation of all of its foreign gold holdings, and force the SNB to maintain 20% of its official reserves in solid gold. The initiative is in part a reaction to the zero interest rate policies taking hold around the globe, the growing instability of fiat currencies, and a veiled attempt to bring more accountability and oversight to the Swiss National Bank.

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