Switzerland To Take Back Its Gold? [iShares Silver Trust (ETF), SPDR Gold Trust (ETF)]

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August 26, 2014 4:09pm NYSE:GLD NYSE:SLV

india-gold-etfThe Silver Bug: Switzerland is well known for its financial savviness. Their currency, the Swiss Franc, is still considered one of the strongest in the world.


Even if the reasoning for its strength is somewhat unfounded.

For decades Switzerland was one of the last bastions of the gold standard.

Their refusal to move away from a partial gold backed currency, granted them the luxury of a strengthened currency, which made it the envy of the world.

This was until May, 2000, when the legal requirement that 40% of all Swiss Francs be backed by gold was removed.

Unfortunately, the mass majority of Swiss citizens carried on, none the wiser, along with the mass majority of the world.

Like the US dollar, the Swiss Franc had the “illusion” of being as “good as gold”. Until recently.

The citizens of Switzerland have taken notice.

Unlike the citizens of America, the Swiss people are not content to sit by and allow the wealth of their country to be dis-hoarded any further.

Gold_Backed_Swiss_Franc

On November 30th, the people of Switzerland will stand up and make their voices heard.

The “Swiss Gold Initiative” will be held and the people of Switzerland will once again attempt to take control of their nation’s wealth.

T. Ferguson of the TFMetals report explains this upcoming event:

Interest is beginning to build, awareness is growing and the date of the national referendum has been set. Later this year, on November 30, the good people of Switzerland will finally get an opportunity to make their voices heard. The Swiss Gold Initiative can be roughly stated in three parts:

1.       The halting of all Swiss gold sales

2.      The repatriation of all Swiss gold that is held in foreign vaults

3.      Resume backing the Swiss Franc with gold, at a minimum level of 20%

Of course, the politicians and bankers of Switzerland are squarely against this initiative as it greatly diminishes their hold on power and restricts their ability to continue to debase the Franc. Fortunately, as one of the world’s few remaining democracies, the Swiss people have an opportunity on November 30 to directly affect a change. For their sake and for the sake of their posterity, I pray that they choose wisely.

Let us hope that they succeed.

If so, this will be a major victory for those of us who wish to see the price of gold truly set free.

Sadly for the Swiss people, the gold that they have leased out is unlikely to ever get returned.

As we know, it’s sitting in Chinese and Russia vaults, never to see the light of day again.

This article is brought to your courtesy of The Silver Bug.


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