Swiss Referendum May Spark Gold Rush

Gold prices slipped on Wednesday from this week’s highs, as the market awaited a Swiss referendum on central bank gold reserves.

On November 30, voters in Switzerland will head to the polls to decide whether the Swiss National Bank (SNB) should refrain from selling any more gold and should boost its gold holdings to 20 percent, up from current levels of 7 percent.

The ultra-conservative Swiss People’s party proposed the initiative, called “Save Our Swiss Gold”, with the intention of boosting the security and independence of Switzerland in times of uncertainty.

CNBC

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