World Gold Council has nothing to say about Swiss gold referendum
... or about anything else that matters. The council won't help gold if it might offend a central bank.
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1,500 Tons of Gold on the Line in Swiss Vote to Buy Back Bullion
By Nicholas Larkin and Catherine Bosley
Wednesday, November 5, 2014
There are people in Switzerland who resent that the country sold away much of its gold last decade. They may be a splinter group of Swiss politics, but they're a persistent bunch.
And if they get their way in a referendum this month, these voters will make their presence known to gold traders around the world.
The proposal from the "Save Our Swiss Gold" proponents is simple: Force the central bank to build its bullion position up to at least 20 percent of total assets from 8 percent today. Holding 522 billion Swiss francs ($544 billion) of assets in its coffers, the Swiss National Bank would have to buy at least 1,500 tons of gold, costing about $56.3 billion at current prices, to get to the required threshold by 2019. ...
The World Gold Council declined to comment on the pending initiative. ...
... For the remainder of the report:
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