Initiative also seeks to force the bank to keep at least 20% of its assets in the metal.
A rather popular initiative by the Swiss Peoples Party, or SVP, has gained traction in Switzerland, and the country is now getting ready to hold a referendum on whether its central bank can sell gold reserves.
The “Save our Swiss Gold” measure also seeks to force the Swiss National Bank (SNB) to keep at least 20% of its assets in the metal, repatriate gold reserves held abroad and keep them at home.
The news comes one week after reports that Cyprus could sell 10 tons of its central bank gold reserves to help fund its bailout. While the amount is not big enough to have a material impact of the balance of the global gold market, the news contributed to gold's record-breaking tumble to two-year lows this week. ...