Thomas Jordan, the president of the Swiss National Bank, has revealed that 70 per cent of the country’s gold was stored in Switzerland, 20 per cent with the Bank of England and 10 per cent with the Bank of Canada.
Since the Second World War and the Cold War, several central banks in Europe have kept part of their gold reserves in foreign countries in case of invasion. But turbulence in financial markets in recent years has raised concern among Europeans, who see gold as a reliable store of value that a country can depend upon.
Mr Jordan said he disclosed details on the reserves because ‘there has been a growing need for transparency in our population in the last few years.
A week ago, the Swiss Cabinet announced the nationalist Swiss People’s Party had gathered enough signatures to force a referendum that would ban the central bank from selling off any gold reserves or storing them abroad.
The party’s initiative, known as “Save Our Swiss Gold,” would go to a vote among Swiss citizens within the next few years.
It would require Switzerland’s central bank to keep at least 20 per cent of its assets in gold, and all of those on Swiss soil.
via Daily Mail
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