Swiss gold referendum Nov 30.

[ZenOps]

http://dailyreckoning.com/will-the-swiss-vote-to-get-their-gold-back/

Basically, it would require that 1044.9 metric tons of gold be physically moved into Switzerlands vaults.

"On November 30th, voters in Switzerland will head to the polls to vote in a referendum on gold. On the ballot is a measure to prohibit the Swiss National Bank (SNB) from further gold sales, to repatriate Swiss-owned gold to Switzerland, and to mandate that gold make up at least 20 percent of the SNB’s assets."

Ron Paul being a very outside contender for US presidency if he wishes to run.


For comparison: Canadas official physical gold holdings are at 3.4 tons.

[spikerS]

Jeebus!

To buy that much gold, it is going to coast $41,131,200,000.

$41 billion USD.

That is a lot of bank, but that also buys a lot of recession proofing.

[EK69]

Anyone else read this and think of an attempted robbery happening? Lol

Like the Italian job type heist lol call it the swiss cheese

[ZenOps]

Pegging the swiss franc at a 5:1 ratio of paper francs to real invault gold is highway robbery, lol.

Its very democratic however. They actually get to vote on it.

I don't remember getting to vote in Canada on removing nickel from the CAD dollar, at what is now probably more than 1000:1 ratio of paper to metal value ($1,000 will buy half a roll of real nickels)

Democracy in Canada is aruguably about as good as Kim Jong Un's government - That being, if the government says you must use mud for money, you must use mud for money. By my estimation, Canada should have closer to around 600 tons of gold if you compare per capita to first world nations that are not penal colonies of the crown. British colonies used to be required to use wooden tally sticks as money.

Although: If the referendum does pass, there is a much higher probability of the US invading the Swiss (and don't say it couldn't happen) and/or making a scapegoat of a major swiss banker and then "siezing" a few hundred tons of gold from him.

[Darell_n]

The Swiss have the ultimate in democracy. My cousin's wife is Swiss and she receives all info and is able to vote on every government issue, regardless of where in the world she is living. Comes in the mail with both sides of each argument and a ballot. I asked her tonight and she hasn't heard anything about this referendum, yet.

[ZenOps]

http://www.forexlive.com/blog/2014/11/30/swiss-gold-referendum-vote-fails/

Did not pass. Swiss people do not want gold francs. I was thinking it would be closer to 60/40, but a whopping 78% do not want to repatriate gold (which much of it is stored right here in Canada)

Gold 1,167 per ounce and falling pretty quickly (due to other factors)

Barbarous relic? Or is nickel the only money :)

http://en.wikipedia.org/wiki/Coins_of_the_Swiss_franc

That cupronickel does have some powerful appeal. Trivia: 20 Rappen in the years 1881–1938 were made of pure nickel (pure nickel coinage was very rare back then)

[themack89]

I was mostly impressed at learning of the frequence that Switzerland holds referendums. Amazing example of democracy I think.

[ZenOps]

And they don't even take a day to tally up a completely democratic system.

Does prove that it can be done.

[01RedDX]

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[My_name_is_Rob]

Originally posted by 01RedDX


A country that is traditionally dated to 1 August 1291 can get it done way faster than a country that formed the autonomous federal dominion of Canada, on July 1, 1867 . Get right out of town!!!

Fixed for you. :thumbsup:

[01RedDX]

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[ZenOps]

Well, it might take a couple extra weeks here sure.

But many of these referendums have impacts for decades if not centuries, and arguably - should never be put into the hands of a few hundred people even if representatively democratically elected.