Swiss to Hold Referendum on Gold Reserves

GENEVA (AP) -- The Swiss Cabinet's office says the nationalist Swiss People's Party has gathered enough signatures to force a referendum on banning the central bank from selling any gold reserves.

The Federal Chancellery in the capital, Bern, said Thursday that the initiative known as "Save Our Swiss Gold" had gained more than the required 100,000 signatures to force a vote among Swiss citizens within the next few years.

The party began pushing for a referendum, a mainstay of Swiss direct democracy, more than two years ago. It would require the Swiss National Bank to keep at least 20 percent of its assets in gold.

As of the start of 2013, just over 10 percent of the central bank's nearly 500 billion Swiss francs ($537 billion) in assets were gold.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2370824, ~/Articles/ArticleHandler.aspx, 11/26/2014 8:41:40 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement