| On Sunday the Swiss people go to the polls to vote on the gold initiative. There are many traders in Swiss positions who are going to be watching the results closely. Here’s a breakdown of what is happening, likely to happen and what the market may do.
First to the basics and what the initiative actually is. The Swiss People’s Party wants to “Save Swiss Gold” to give more credibility to the SNB’s monetary policy and the Swiss Franc. The initiative would require that the SNB; Does not sell anymore of it’s gold reserves. Must not let gold reserves fall below 20%. Must hold all gold reserves in Switzerland..............................................Full Article: Source
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