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Swiss Gold Initiative May Still Become Law
Posted March 10th, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - The price of Gold dipped on Monday in choppy trade, as the precious metal eased to $1,334.25 an ounce while silver slipped to $20.83 an ounce, as the turmoil in Ukraine continues to offset last week's better than expected non-farm payrolls data that saw 175,000 jobs added in February, and suggests the Fed's quantitative easing (QE) tapering efforts will remain on course.
 
Interfax reports a Ukrainian military base commander accusing Russian troops of opening fire on a Ukrainian military post in the Crimean peninsula during the weekend. "Stock market weakness and gold strength this afternoon seem to stem back to the news from Crimea about shots being fired," said Saxo Bank's Ole Hansen. "It highlights the nervousness about what can happen."
 
Switzerland’s upper house rejected a popular initiative last week that would require the Swiss National Bank (SNB) to more than double its holdings of gold bullion. The "Save our Swiss gold" proposal was originated by the right-wing Swiss People's Party (SVP), and prohibits the central bank from offloading its reserves while at the same time requiring the bank to hold 20 percent of its assets in bullion. The measure has been dubbed the ‘gold initiative,’ and also calls for the repatriation of SNB gold back to Switzerland.
 
Finance Minister Eveline Widmer-Schlumpf told the upper house that "If the SNB's gold reserves represented a substantial part of its balance sheet ... this would hamper the SNB's ability to act and might prevent it from fulfilling its constitutional mandate." Due to the SVP having secured the required 100,000 signatures in support of the measure last year, the rule may now become law when a popular referendum is held later this year.

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