04.11.2014 - Switzerland's Gold Bug Moment
Switzerland will hold a referendum at the end of the month on whether the nation's central bank should be obliged to hold at least 20 percent of its reserves in gold bullion. While there's something inherently attractive about a population having its say in how its assets are husbanded, the Swiss need to be mindful of the likely consequences of locking a fifth of their wealth away in a bullion vault. Switzerland has about 522 billion francs of reserves. Less than 40 billion francs of that is in gold, with 462 billion francs in foreign currency. Measured in the Swiss currency, gold currently costs about 1,130 francs ($1171) per ounce...............................................Full Article: Source
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