| How can we explain such a reversal so shortly after a campaign by the SNB against gold? We must remember that during the referendum campaign the SNB and its president strongly defended the peg and promised it would continue. I expected the Swiss Gold Referendum to be a big shock in the central bank sector and the gold market, but only if passed and it didn't.
However, the consequences of the initiative, I am sure, helped prepare the "big surprise" event that was the lifting of the cap by the SNB just a month and a half later. The strong support for the initiative scared the banking industry and the SNB and, even though defeated, I think it affected the central bank in some way. It was a message from the people...............................................Full Article: Source
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