[miningmx.com] – SWITZERLAND voted down a proposal by the Swiss People’s Party that the country’s central bank hold at least 20% of its 520-billion-franc ($538bn) balance sheet in gold, and repatriate gold from the UK and Canada.
A referendum on the proposal, which also wanted to prevent the Swiss National Bank (SNB) from ever selling gold, saw 73% of votes against the idea – an outcome that sent gold to a three-week low.
The gold initiative – dubbed ‘Save Our Swiss Gold ‘ was launched by a handful of members of the European Union-skeptic Swiss People’s Party, said Bloomberg News. “The result may be interpreted as a vote of confidence for the SNB,” Beat Siegenthaler, currency strategist at UBS Group AG in Zurich, told the newswire.
Click here to read the full article
