Monday, December 1, 2014

Swiss Gold Referendum Fails

By a landslide, the Swiss people have defeated a referendum that would have required the repatriation of Switzerland's gold and placed restrictions on the Swiss central bank preventing future sales.

The referendum was quite restrictive and the Swiss people may well have been wise to reject it.

Nonetheless, prior to the referendum, there was massive advertising warning of dire consequences should the measure pass.  This advertising was paid for by gold-trading banks and central banks.

It's almost as if these banks did not want restraints placed on the liquidation of what Swiss gold remains, and the continuation of unchecked printing of fiat Swiss Francs.

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