Thursday, March 8, 2012

The Fed's Worst Nightmare- The Swiss Want Their Gold Back

Hugo Chavez' decision to repatriate Venezuela's 200 tonnes of gold last summer will have a vastly larger impact than simply the removal of the Venezuelan gold from Western control. If the Germans and the Swiss both attempt to repatriate their gold reserves the party is over.  Instantly.
Four members of the Swiss parliament have launched a 'Gold Initiative' for the purpose of securing the Swiss National Bank's gold reserves.  The initiative stipulates:
  • The gold of the SNB must be physically stored in Switzerland 
  • The SNB does not have the right to sell its gold reserves
  • The SNB must hold at least 20% of its assets in gold

Full Swiss 'Gold Initiative' Below:

Swiss Initiative