Swiss to vote on massive gold-buying plan Nov 2
Post# of 9903
Posted On: 11/28/2014 10:24:17 PM
Swiss to vote on massive gold-buying plan
Nov 28, 5:46 AM (ET)
By JOHN HEILPRIN
GENEVA (AP) — In Switzerland, a campaign is on to protect the country's wealth by investing in gold — a lot of gold.
In a test of their sense of financial security, the Swiss are being asked to vote on a proposal to make the central bank hold a fifth of its reserves in gold within five years. That would mean buying about 1,500 metric tons, or 1,650 short tons, of gold worth more than $60 billion.
If the initiative wins the backing of a majority of voters this Sunday, the Swiss National Bank would also be prohibited from spending any of the treasure, which would have to be locked away in vaults entirely on Swiss soil. The prospect risks causing a spike in gold prices globally.
http://apnews.myway.com/article/20141128/eu--...126c0.html
Nov 28, 5:46 AM (ET)
By JOHN HEILPRIN
GENEVA (AP) — In Switzerland, a campaign is on to protect the country's wealth by investing in gold — a lot of gold.
In a test of their sense of financial security, the Swiss are being asked to vote on a proposal to make the central bank hold a fifth of its reserves in gold within five years. That would mean buying about 1,500 metric tons, or 1,650 short tons, of gold worth more than $60 billion.
If the initiative wins the backing of a majority of voters this Sunday, the Swiss National Bank would also be prohibited from spending any of the treasure, which would have to be locked away in vaults entirely on Swiss soil. The prospect risks causing a spike in gold prices globally.
http://apnews.myway.com/article/20141128/eu--...126c0.html
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