Swiss "Save Our Gold" Initiative Shot Down - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Swiss "Save Our Gold" Initiative Shot Down

blog | Published On by
Swiss "Save Our Gold" Initiative Shot Down

Reuters reports that the upper house of Swiss Parliament has blocked a national referendum aimed at preventing the Swiss central bank from selling its gold reserves, and also requiring it to keep 20% of its assets in gold.

Swiss Finance Minister Eveline Widmer-Schlumph testified before the upper house, known as the Council of States, that this would effectively make 20% of the Swiss National Bank's assets worthless (since they could not be sold or used as collateral), hampering its ability to conduct monetary policy. The Swiss government and the chairman of the central bank has also expressed opposition to the referendum

The "Save Our Swiss Gold" initiative was started by the conservative populist Swiss People's Party (SVP). The SVP is the largest of 11 partiesĀ in the National Council (the lower house of parliament), where it holds 54 of the 200 seats.

The SVP was successful in getting 100,000 valid signatures in its petition drive to force a national referendum, but Swiss law requires both houses of the Federal Assembly must approve the measure before it is put to a national vote.


This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.