Switzerland: Referendum on prohibition of gold sales by SNB, storage only in CH, min. 20pct reserves

Jay

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Thanks Benjamen. I rarely read the PM Bug or Gold threads (obviously).
 

swissaustrian

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The idiots who are managing the campaign have counted more than 15000 signatures twice. Now we're short 2000 signatures with just 7 days left to get them, ie we got 98000 valid ones. This means I'm gonna have to chase people in the streets for the next week in order to get more signatures. Yikes!
 
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pmbug

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How about an op-ed in a local paper?

Obligatory:

 

swissaustrian

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How about an op-ed in a local paper?
It's all over the news, so there's no need for that.
The problem is to get people to sign rather than just to take notice. That's why we're running arround the streets to get signatures. It's looking good so far. But I'm gonna go collecting tomorrow again. It's tough distracting shoppers from new iphones and mc donald's, though.
 

Unbeatable

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Good luck SA!
Important work you're doing, both for your fellow Swiss citizens & I think it has larger implications as well.
 

swissaustrian

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We got 105'277 valid signatures deposited with the federal government of Switzerland today. It's gonna be voted on either in autumn or next spring.
 

swissaustrian

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As you probably know, Switzerland is devided into 4 language regions (ordered by population): German, French, Italian, Romansh (a mixture of Latin, German and Italian).
I'm living in the German part.
The public television of the French part got access to the SNB's vaults just hours after the signatures were given to the federal government. I actually guess that it was taped earlier. The French part of Switzerland is known to vote against conservative causes in popular referendums, it's heavily progressive leaning. That's probably the reason why only the French part got to see this piece. GATA brought this to my attention:

Swiss gold reserves make TV appearance hours after repatriation petitions are filed

Submitted by cpowell on Sat, 2013-03-23 15:58. Section: Daily Dispatches

11:57p HKT Saturday, March 23, 2013

Dear Friend of GATA and Gold:

Our friend A.L. reports that the French-language state television service in Switzerland mysteriously gained access to a Swiss National Bank gold vault somewhere in Switzerland just hours after the Swiss gold repatriation movement filed the petitions necessary for a referendum on protecting the national gold reserves. The broadcast seems similar to the propaganda campaign arranged back in December by the Bank of England as concern about the simple existence of Western central bank gold reserves burst into the news:

http://www.gata.org/node/12030

Video of the Swiss broadcast is posted at the Radio Television Suisse Internet site here:

http://www.rts.ch/video/info/journa...contenue-dans-plusieurs-depots-en-suisse.html
http://gata.org/node/12378
 
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pmbug

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That's OK. Everyone knows the French always lose. /:rimshot:
 

Kreso

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Do you know, my swiss friend, if all questions (retreat of gold reserves, ban of gold sales and rule that snb must hold 20% of reserves in gold) at referendum would be voted together or each question would be voted separately?
 

swissaustrian

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Do you know, my swiss friend, if all questions (retreat of gold reserves, ban of gold sales and rule that snb must hold 20% of reserves in gold) at referendum would be voted together or each question would be voted separately?
Great question :mrt:

The proposal is gonna be voted on as a whole. It can't be split up.
However, the executive government ("Bundesrat") and the parliamentary chambers (house/"Nationalrat" and senate/"Ständerat") will likely come up with a counter proposal that is going to be voted on as an alternative choice on the ballot. This way, they could change some of the harsher parts of the intiative like the prohibition of sales even above the 20% reserves mark or the total ban of storage abroad. I can imagine that they'll come up with a similar proposal like the German Bundesbank did. I.e. a multi-year partial repatriation plan.
The difference in the case of Switzerland is, however, that it's not up to politicians to decide which version will become law. It's solely up to the people.

This means that in the end, it's up to us to campaign hard to get our version accepted by the electorate. :judge:
 

pmbug

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Keith Barron said:
...
I would also like to point out two very developments taking place in Switzerland. A movement inside Switzerland has already acquired 100,000 signatures for two things to be put on the ballot. The first one would eliminate any future sales by the Swiss National Bank.

But the second, and far more compelling measure, would be for Switzerland to buy back 1,000 tons of gold that it has already sold. To get 1,000 tons of physical gold in this market is going to be a Herculean task, and it is certainly going to vault the price of gold much higher than current levels. This will be a very interesting situation to watch unfold in the physical gold market.
http://kingworldnews.com/kingworldn...y_A_Stunning_1,000_Tons_Of_Physical_Gold.html

Whoa.
 

swissaustrian

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Yes they would have to buy 1000 tons. But over 5 years, ie 200 tons a year.
Until they intitiave passes, it's likely going to be more, because the SNB is printing money to weaken the CHF, ie the balance sheet is growing rapidly. They're intervening right now in EUR/CHF.
 

pmbug

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Yes they would have to buy 1000 tons. But over 5 years, ie 200 tons a year.
...
Yeah, but just think about how the rumors of Cyprus' tiny 10 tons sale crashed the gold market (according to CNBC and other financial talking head idiots). Surely 20 times that amount would have a dramatic effect, no?
 

swissaustrian

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I don't know. China is buying 80+ tons a month and nobody seems to notice. It boils down to media attention I guess. Ultimately it boilds down to fundamentals, though, and it's obviously going to impact supply. The repatriation of hundreds of tons within a required timeframe of the just two years is also a big deal.
 

pmbug

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I was being facetious in my last comment sa. I should have included a smilie I guess. The (financial) media like to trumpet certain stories as cause and effect, but a lot of it is complete bullshit.
 

bushi

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Yeah, but just think about how the rumors of Cyprus' tiny 10 tons sale crashed the gold market (according to CNBC and other financial talking head idiots). Surely 20 times that amount would have a dramatic effect, no?
NO, PMBug, all the news re: gold are only working to the downside :rotflmbo:
 
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