With last week’s announcement by the Bundesbank of the repatriation of 674 tons of German gold from Paris and NY over the next 7 years, we predicted that an avalanche of gold repatriation requests would soon be made to the BOE and the NYFed.
It appears that Switzerland may be next to the game, much to the dismay of the SNB. The Swiss gold initiative, an initiative to Secure the Swiss National Bank’s Gold Reserves, launched in March 2012 by four members of the Swiss parliament, has grown to 90,000 supporters.
Once 100,000 supporters are achieved, the Swiss Parliament must take up the referendum.
The initiative asserts that the Swiss people should have a right to vote on 3 things, none of which will please the banking cartel:
1. To keep Swiss gold physically in Switzerland (ie repatriate Switzerland’s gold)
2. Preventing/forbidding the SNB from selling any more of its gold reserves
3. Requiring the SNB to massively increase their gold holdings to a minimum of 20% of its reserves within 5 years, held within Switzerland.
Not surprisingly, the Swiss National Bank doesn’t wish to disclose where it’s physical gold is held, but it may soon be forced to once the initiative achieves 100,000 supporters.
674 tons repatriated here, 1040 tons repatriated there, pretty soon we’re talking real money!