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 Swiss gold referendum 'makes little sense': Citi

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Swiss gold referendum 'makes little sense': Citi Vide
PostSubject: Swiss gold referendum 'makes little sense': Citi   Swiss gold referendum 'makes little sense': Citi Icon_minitimeFri Nov 28, 2014 10:57 pm
A Swiss referendum on Sunday that could compel the nation's central bank to hold 20 per cent of its assets as gold makes no sense, Citi argues.

Swiss gold referendum 'makes little sense': Citi Article%20Lead%20-%20wide6363594011w5ltimage.related.articleLeadwide.729x410.11vxt0.png1417144147105.jpg-620x349

The ultra-conservative Swiss People's Party proposed the initiative, called "Save Our Swiss Gold", with the intention of boosting the security and independence of Switzerland in times of uncertainty. The SPP is one of Switzerland's ruling parties.

If the referendum passes, the Swiss National Bank must not only hold 20 per cent of its assets as gold, but it must also repatriate the 30 per cent of its gold stock that is held abroad. There is Swiss gold at the Bank of England and the Bank of Canada.

Furthermore, the SNB must never again sell any of its gold.

If the referendum passes, Switzerland's gold reserves would effectively become worthless and greatly increase economic risk for the tiny European nation, the US investment bank said in a note entitled Gold: A 6000-year-old bubble revisited.

At present, said Citi, the SNB holds 1040 metric tonnes of gold and would need to purchase at least another 1733 tonnes by 2019 to meet the threshold.

Read more: http://www.smh.com.au/business/swiss-gold-referendum-makes-little-sense-citi-20141128-11vxt0.html#ixzz3KQVRKcFS
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