Swiss To Vote On Gold Repatriation

March 22, 2013

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.

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.

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.

Source :http://www.zerohedge.com/news/2013-03-21/swiss-vote-gold-repatriation

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