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Swiss National Bank chairman forswears 'tricks' to circumvent gold referendum

Section: Daily Dispatches

SNB Head Says No Sovereign Fund for Gold if Referendum Passes

By Katharina Bart
Sunday, November 16, 2014

ZURICH, Switzerland -- The chairman of the Swiss central bank ruled out creating a sovereign wealth fund to manage Switzerland's gold reserves if a referendum on banning the bank from selling them passes, according to a newspaper interview published on Sunday.

The "Save our Swiss gold" proposal, spearheaded by the right-wing Swiss People's Party (SVP), will be put to a plebiscite on Nov 30. ...

Asked whether the SNB could set up a fund to manage its gold, chairman Thomas Jordan said such a move -- which some currency dealers have speculated about -- was "unthinkable."

"The SNB cannot simply use some tricks to circumvent the will of the people. I rule that out categorically," he told weekly paper Sonntagszeitung. ...

... For the remainder of the report:


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