Die Nationalbank muss künftig mindestens 20% ihrer Aktiven in Gold halten.
Das ist eine der zentralen Forderungen der Goldinitiative. Der Goldbestand der Notenbank ist im internationalen Vergleich schon jetzt sehr hoch und müsste sich gemäss Goldinitiative mindestens noch verdoppeln. Trotzdem mag für manche Ohren der geforderte Goldanteil von 20% an der Bilanzsumme nicht völlig unvernünftig klingen. Aber die Goldinitiative ist noch weit restriktiver, weil sie der Nationalbank (SNB) jegliche Goldverkäufe verbieten will. Jedes zugekaufte Kilo soll somit für ewig im SNB-Eigentum bleiben.
Bilanz mit Höhen und Tiefen Die Bilanzsumme der Nationalbank schwankt stark. Die Liste der Wechselkurse zu Zeiten des Goldstandards gibt eine Auswahl der festgeschriebenen Kurse der wichtigsten Valuten für die Jahre 1912 und 1932 gegenüber der Währung des Deutschen Reiches basierend auf der theoretischen Goldparität (= Feingehaltsverhältnisse) der gemünzten goldenen Währungsnominale von vor 1915 wider.
Diese Goldparitäten wurden nach dem Ersten Weltkrieg bei den Währungskursvergleichen mit vielen Hauptindustrieländern beibehalten bzw. wieder – wie bei der Rentenmark Ende 1923 – formal konsolidiert, obwohl kein freier physischer Goldmünzenumlauf mehr nach 1914 bestand. Der „freie“ Goldstandard wurde faktisch ab August 1914 fast weltweit mit Kriegsbeginn aufgehoben und auch nicht mehr nach 1918 wieder eingeführt. Nur in den Vereinigten Staaten gab es nach 1918 bis 1933 noch einen (begrenzten) freien Golddollarumlauf, da das britische Sovereign schon im Ersten Weltkrieg mit Aufpreis zum papiernen Pfund Sterling gehandelt und somit zur Handelsmünze bzw. How large should our gold reserves be according to the wishes of the electo.
National Referendum of 30 November by Dr rer publ Werner Wüthrich Is the popular initiative “Save our Swiss Gold” really “unnecessary, harmful and utterly undesirable” as Federal Councillor Widmer-Schlumpf and the financial director of the Canton of Zug allege in the “Neue Zürcher Zeitung” from 8 October 2014?
The ongoing discussion about our gold reserves is not new. Since the Second World War there have been several “gold votes”, which are worthy of being brought to mind once more. Already in 1949 the situation was politically very similar. Gold could face its own OPEC moment as Swiss referendum nears - MarketWatch. Shutterstock NEW YORK (MarketWatch) — Gold prices took a dive on Friday as the market geared up for what could be the metal’s own OPEC moment — when Switzerland will vote on whether its central bank should hold more gold and bring back its other gold reserves held in places like Canada and the U.K.
All commodities were getting hammered Friday, with crude oil prices plunging more than 10% to levels not seen in more than five years after OPEC decided to leave its production levels unchanged, heightening fears of a global glut. December gold US:GCZ4 fell $21.40, or 1.8%, to $1,175.20 an ounce, while silver US:SIZ4 tumbled $1.06 cents, or 6.4%, to $15.49 an ounce. U.S. markets took a holiday on Thursday and closed early on Friday at the Chicago Mercantile Exchange. The result of the Swiss vote is expected at 1 p.m. local time on Sunday (7 a.m. OPEC deal hammers currencies, stocks Under such a vote, the Swiss National Bank would need to accumulate 1,500 tons of gold over five years. Infographic: Everything About the Swiss Gold Referendum. Presented by: Gainesville Coins On November 30, Swiss nationals head to the polls on three separate issues: abolishing a flat tax on resident, non-working foreigners, an immigration cap, and a proposal on Swiss gold reserves.
At Visual Capitalist, the one we are most interested in is the latter section of the ballot, and today’s infographic sums up everything you need to know about the upcoming Swiss gold referendum. The referendum, if passed, will mean that (1) The Swiss National Bank must hold 20% of all assets as gold, (2) Switzerland will repatriate the 30% of their gold held abroad by England and Canada, and (3) Switzerland may no longer sell any gold they accumulate.
In the most recent polling, 38% of respondents supported the initiative, 47% were against, and 15% were undecided. The poll has a 3% margin of error as well. The Swiss Referendum On Gold: What’s Missing From The Debate. This article is written by Eric Schreiber, independent asset manager, former head of commodities UBP, former head of precious metals Credit Suisse Zurich.
All views expressed are his and may not reflect those of his former employers. The Swiss will vote on a referendum on November 30th that would ban the Swiss National Bank (SNB) from selling current and future gold reserves, repatriate foreign stored gold holdings to Switzerland, and mandate that gold must comprise a minimum of 20% of central bank assets.
The SNB does not usually comment on political referendums. However, in this case it has done so quite vocally. Why has the central bank decided to step into the political fray and oppose this initiative? The first two concerns can quickly be addressed and discounted. To properly address the third SNB concern requires a historical context and a more detailed analysis. Swiss National Bank Labels Save Our Swiss Gold Initiative "Dangerous&q. Today Is The 40th Anniversary Of Nixon Ending Gold Standard And Creating Mo. The Gold Standard Institute International - The Gold Standard Institute Int.
Chi siamo - it.swisscommodity.com. Vollgeld Initiative - Kampagnen Video der Volksinitiative in der Schweiz - Gold could face its own OPEC moment as Swiss referendum nears - MarketWatch. Swiss National Bank Labels Save Our Swiss Gold Initiative "Dangerous&q. Infographic: Everything About the Swiss Gold Referendum. How large should our gold reserves be according to the wishes of the electo. The Swiss Referendum On Gold: What’s Missing From The Debate. PRAGMATIC CAPITALISMREFLECTIONS ON GOLD - PRAGMATIC CAPITALISM. Gold is hotter than ever.
You can’t turn on the TV these days without seeing a gold commercial. Several well known hedge fund managers have leveraged up positions in gold while John Paulson even went so far as to start his own gold hedge fund. As an asset class gold has outperformed just about everything over the last 10 year period. It’s been an impressive run. But is it all justified?
After having experienced deflation through much of 2008 and the beginning of 2009 the economy began to reflate as the government eased monetary and fiscal policy. All was not what it seemed, however. When analyzing the price of gold it’s important to understand that gold prices do not move like most other commodities. Nouriel Roubini recently quoted Keynes in describing the gold standard as a “barbarous relic”. The fact of the matter is, the fiat currency system is here to stay (or at least some form of it). The popular idea of hyperinflation is one of the primary arguments in favor of gold. WIRTSCHAFTaktuell - Das Gold der Nationalbank. WALTER HIRT info@walterhirt.ch 10.
Wuchtiges Nein zu Ecopop und Gold-Initiative im Aargau. Die Kantone Aargau und Solothurn sind sich bei den nationalen Vorlagen einig.
Das Stimmvolk lehnt alle drei nationalen Vorlagen ab. Egon von Greyerz sur Twitter : "Nigel Farage in Switzerland backs Swiss #gold initiative. With Luzi Stamm MP & Egon von Greyerz. Mauldineconomics. George Dorgan sur Twitter : "Low income groups in favor of #Swiss #gold #initiative, entrepreneurs, stock holders against.
George Dorgan sur Twitter : "#SNB against #Gold #Bugs,in the middle G. Dorgan, an argument against argument discussion #CHF. WIRTSCHAFTaktuell - Das Gold der Nationalbank. Give Us Back Our Gold. Give Us Back Our Gold. George Dorgan sur Twitter : "How central banks sold their precious #Gold before WWI and WWII #Referendum #CHF. Glogin?URI= "Goldinitiative und/oder Vollgeld-Initiative?" Podiumsgespräch, Kongresshaus Zürich. L'or passe en backwardation, la pénurie de physique n'est plus très loin. Le seuil des $1180 a été enfoncé comme un couteau dans du beurre au mois d'octobre, grâce à la force spectaculaire et inattendue du dollar.
Pourtant, à la différence de la cassure du support majeur des $1525 en avril 2013, la cassure de ce support n'a pas donné lieu à des cascades de ventes qui s'auto alimentent. Au contraire, on est rapidement revenu au-dessus, ce qui est un bon signe. On sent qu'on commence à toucher quelque chose de plus dur.
L'or se vend sous ses coûts de production, et cela pose quelques questions de bon sens aux investisseurs... L'or est en backwardation, le sentiment touche des records historiques de négativité, mais le processus de détruire le prix de l'or sur les marchés papiers continue. Je reste sidéré de voir les attaques se poursuivre avec un record de commerciaux (l'argent intelligent) positionnés pour jouer la hausse, et avec un GOFO pareillement négatif (backwardation), indiquant une pénurie de métal à ces prix.
The meaning of Germany’s gold decision. Goldinitiative: Und dann? Vier Meinungsgruppen im Schweizer Goldreferendum, eine Übersicht. Alexander Gloy sur Twitter : "Swiss October #gold export data out. #China is back! cc: @KoosJansen... Fears that ‘dangerous’ Switzerland referendum could spark gold rush. The Swiss like referendums: there were 11 last year and there have been nine more this year, on subjects ranging from who pays for abortions to whether the state should buy a certain type of new fighter aircraft. This Sunday there are three more, but one has attracted more attention than most – because there are fears that if it wins majority support it could trigger a worldwide gold rush. Five million Swiss voters are to decide on a proposal that would force the central bank to triple its gold reserves.
The vote is being watched closely by financial markets and governments around the world. Under the “Save Our Swiss Gold” initiative the Swiss National Bank (SNB) would be obliged to hold at least a fifth of its assets in gold within five years. The bank would be required to repatriate all Swiss gold held abroad and be banned from selling any of its holdings in future. The organisers say they are motivated by wanting “security and independence for Switzerland in times of uncertainty”. "SNB Concerned": Does a Yes to the Swiss Gold Referendum Imply an End of the CHF Cap? Which Of The Six Major Fundamental Factors For Gold And Silver Are Still Positive? Which Are Not? (April 2013) Two Swiss gold referendum initiatives: “Save our Swiss Gold” and “The Gold Franc” Swiss Gold Referendum and SNB's Opinion: An Exchange of Arguments. Already in 2013, the Swiss National Bank (SNB) spoke out against the gold initiative and revealed that the Swiss gold is stored mostly in Switzerland and 20% in the UK and 10% in Canada.
There is no Swiss gold in the United States according to SNB chairman Jordan. In this post we provide an exchange of Jordan’s arguments against the ones of the gold initiative. We also state our view that is not as strict as the one of the referendum proponents. The SNB expressed its opinion. Extracts from the speech given by Thomas J. Jordan: In my following remarks, I would like to speak about the subject of gold as part of the SNB’s currency reserves. Our opinion: The SNB reduced its balance sheet with the SNB gold sales until the year 2007, when the gold price was weak.
Jordan: The demands of the initiative would considerably curtail this flexibility. "SNB Concerned": Does a Yes to the Swiss Gold Referendum Imply an End of the CHF Cap? Swiss Gold Referendum: Latest News, Parliamentary Speech Lukas Reimann. In a referendum, the Swiss had to decide about: 1) Ecopop, an ecological-political movement that wants to limit (net) immigration to 0.2% of the population. 2) Abolishment of tax advantages for rich foreigners. 3) A gold initiative. All three initiatives were rejected, the gold initiative by 78%.
George Dorgan summarizes the outcome. He explains what it means for gold, CHF and the SNB. He argues that the next economic cycle will be driven by stronger wage growth in Germany and in the United States. He argues that in some years time the major enemy of the SNB will become inflation that is caused by rising Swiss asset prices and rents and from inflation spill-overs from Germany and the U.S. The SNB will continue to do FX interventions. (see also version on Seeking Alpha, published just after the referendum) Swiss Gold Referendum: Latest News, Parliamentary Speech Lukas Reimann. Über den Niedergang der FAZ und des deutschen Journalismus. Seasonal Factors on Gold. Swiss Gold Referendum: Latest News, Parliamentary Speech Lukas Reimann. George Dorgan sur Twitter : "Low income groups in favor of #Swiss #gold #initiative, entrepreneurs, stock holders against. Recent posts.
Vier Meinungsgruppen im Schweizer Goldreferendum, eine Übersicht. Gold Referendum, Parliamentary Speech Lukas Reimann. Official Eurostat Trade Balance Massively Distorted by UK Sales Of 1464 Tonnes of Gold To Switzerland. Swiss Gold Referendum and SNB's Opinion: An Exchange of Arguments. Swiss Gold Referendum and SNB's Opinion: An Exchange of Arguments. Swiss Gold Referendum: Poll Nov 19, Proponents Now Actively Fight Against SNB and Euro Floor. Update November 19: The latest poll shows 27% surely in favor of the gold initiative 36% surely against the initiative 11% rather in favor of it 11% against it 15% no answer or undecided More details on our regular poll update. The most important development is the decision of the gold initiative to actively fight against the SNB’s minimum euro rate. What are the reasons: The proponents have realized that they introduce a very severe constraint: Namely that the SNB must hold at least 20% gold.
If the central bank manages to sell the euros and dollars one remote day in the future [what some pro-SNB "financial experts" consider possible], then masses of gold would remain on the SNB balance sheet and cannot be sold. Already since a couple of days, the proponents have realized that that many voters have an issue with that; it became visible in the latest poll above. Schweizer Gold-Initiative – eine Analyse. 27.10.2014 – von Thorsten Polleit. Zusammenfassung Thorsten Polleit. Which Of The Six Major Fundamental Factors For Gold And Silver Are Still Positive? Which Are Not? (April 2013) George Dorgan sur Twitter : "Swiss Gold Referendum: Proponents Now Actively Fight SNB and Euro Floor #SNB #CHF.
George Dorgan auf Finews: Die vier Fronten bei der Goldinitiative. Gold Prices May Jump 20%: Here's Why: Video. Swiss Gold Referendum and SNB's Opinion: An Exchange of Arguments. Swiss Gold Vote sur Twitter : "Which #Swiss political parties support/oppose #goldinitiative (update)#swissgoldvote #swissgoldreferendum #gold #snb. Swiss gold.