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Swiss Gold Initiative continues to frighten Financial Times

Section: Daily Dispatches

Anxious Gold Bugs Swarm Switzerland's Central Bank

By James Shotter
Financial Times, London
Thursday, November 13, 2014

ZURICH, Switzerland -- From rescuing Switzerland's biggest bank during the financial crisis to stemming a dramatic appreciation of the franc, the Swiss National Bank has faced its fair share of challenges in recent years. Now another is looming: "Save Our Swiss Gold."

That is the name of a radical initiative that the Swiss public will vote on November 30 that would drastically change how the central bank functions. If accepted, it would force the SNB to hold at least 20 per cent of its assets in gold; ban it from ever selling the metal; and require all its gold to be stored in Switzerland.

The initiative is the latest in a string of proposals fuelled by mounting popular anxiety in Switzerland about the 8 million-strong nation's ability to control its affairs in a turbulent world. ...

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