The Swiss Gold referendum delivers a NO vote
On Sunday the Swiss Gold Referendum resulted in a clear “NO” vote. You probably didn’t hear about it in the media, in fact, even the Swiss media didn’t seem particularly interested either. The vote, amongst other things, was whether the Swiss National Bank (SNB) should be forced to increase its gold reserves from 8% to 20% and also repatriate its physical gold from overseas. Such an increase would have required the Swiss Central Bank to purchase 1,500 tons of gold which at today’s prices would be worth around $56 billion.
A yes vote in the Swiss Gold Referendum would have also required the Bank to commit to never sell any of its physical gold in the future.
Germany’s failure to get their gold returned from the US may have been an influencing factor but in the event, only 23% of Swiss voters who took part felt that the Central Bank should be held to account.
Gold price drops briefly following the Swiss Gold Referendum
Gold dropped in price to $1,150 soon after the announcement but rose quickly again to $1,200 soon after. Copper, silver and oil prices are also at four and five year lows. Regular readers will know that I have officially defined silver as “the trade of the decade” and continue to build a physical silver stock pile month on month while prices are so low.
Why the Swiss Gold vote received so little media attention is uncertain, not least in Switzerland itself. From my experience, for the average person on the street, gold remains a complete mystery and something that little understood in a world of credit, debit and oyster cards.
Swiss Gold Referendum – the rise of Euro-scepticism?
Referendums are a key part of the Swiss system of democracy and unlike here in the UK, are held several times a year. This latest vote on whether the Swiss National Bank should reverse it policy on physical gold was introduced by members of the Euro-Skeptic, Swiss People’s Party who are, not surprisingly nervous about the 100 billion Euros the SNB currently holds.
As Europe struggles to recover from recession, Euro-skepticism is becoming more apparent in many forms and in many countries. My view is if Central Banks cannot be forced back on to the gold standard then concerned individuals should put themselves back on the gold standard by slowly acquiring physical gold (and silver) coins.
No doubt the Swiss Gold Referendum is not the last we will hear about the role physical gold will play in 2015 as Central Banks continue their policy of creating money out of thin air through endless bouts of quantitative easing.
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6 Comments
At £100 to double-you’re not really competing with large scale seasoned professionals.
Once you go down the doubling numbers you begin to compete in effect with institutions and or Goverment policy etc(as that kind of continual doubling becomes an Intrest to the other 7 billion people and stated Goverment)
As a result-after a handful of these ‘doubling’ moves…the ability and time and competing positions from other investors and said governments etc just make the ability a compounded hardness.
Hopefully as we become more sophisticated we can enjoy these posts but realise they are like any other headline….attention seeking!
I’m afraid that none of that is even remotely true, Gerry. Remember, DYWTAM was written by not one, but two, multi-millionaires using these very techniques. I suspect that you’ve been ripped off in the past by the many “get rich quick schemes” that are out there. That’s a real shame. Having done all of the fourteen levels myself, (and I watch others do the same every week), I feel highly qualified to disagree with every single one of your comments. If you’re not rich now then you have to change your thinking if you want to make serious money. Here’s the thing; “If you keep doing what you’ve always done – you’ll keep getting what you’ve always got”. Stop and think about that for a minute. I don’t know if you live in a two million pound house but if you don’t, here you are telling someone who does that this won’t work. Really? The DYWTAM Programme is a genuine no-nonsense guide on how to become a millionaire – and absolutely anyone can do it.
Barry, is it only 10 issues of Double your way to a Million? A friend of mine who is interested wants to know, thanks.
Yes. That’s correct. One a month for ten months.
hi barry i am interested in your horse racing course and your recommendation of using isiris,i understand kevin booth has resigned from isiris do you still recommend we use this company still thank you,and also i notice on your websitethat it is still dated 2017 .
Good question. I have not used the Isiris service recently. I had a brilliant 11 year run but eventually I got closed down by all the bookmakers. I guess that’s a real sign of success but it was fun to do and I actually miss it. I did not know that Kevin had actually retired but I understand that the results this year have been extremely good. Maybe regular readers who still use Isiris can update me on that one and let me know how they are doing.