Swiss voters reject gold hoard plan

Swiss voters have decisively rejected a referendum proposal that would have forced the country’s central bank to hold 20 per cent of its assets in un-sellable gold, in a fillip for the Swiss National Bank. Seventy-seven per cent of voters rejected the " Save our Swiss Gold" Initiative.

Forcing the SNB to hold 20 per cent of its assets in gold, the gold initiative would also have also required the central bank to repatriate all its gold held abroad, and banned it from ever selling any of its holdings of the metal.

Proponents of the plan argued that it would safeguard the independence of both the SNB and Switzerland, and thus help preserve the country’s prosperity. However, the SNB campaigned vigorously against the proposal, which it warned would impair its ability to ensure monetary stability.

WE ARE HIGHLY BEARISH ON GOLD SINCE $1450 AND NOT BE SURPRISED TO SEE COMMEX GOLD COMING TO 3 DIGITS  SOON.