The media love to label parties with whom they disagree with, as “far-right”, it’s their bread and butter in journalist activism. Pathetic isn’t it? KGS

Far-right Conservative party wants to ‘save Swiss gold’

Switzerland’s biggest political party SVP is seeking to stop the central bank from selling the country’s gold reserves through a citizen’s initiative launched on Tuesday. Under the country’s direct democracy rules, any citizen can push for a referendum if he is able to collect at least 100,000 signatures from eligible voters who support the cause. The initiative called “Save our Swiss Gold” is pushing for an amendment of the Swiss constitution to stop any further sales of the country’s gold reserves, which now stand at about 1,000 tonnes.

Any gold remaining in the central bank’s reserves should also be stored in Switzerland, according to the initiative. In addition, it requires the central bank to hold 20 percent of its reserves in gold. According to the Swiss National Bank’s 2010 annual report, the precious metal currently makes up about 16 percent of the bank’s reserves. The far-right Swiss People’s Party (SVP) criticised the central bank for having sold about half of its gold reserves in recent years.

More here.

One Response

  1. Take a look at what happened to the USA when ‘Tricky Dick Nixon” took us off of the Gold Standard. We now have a dollar which will soon be worth less then 1 roll of good quality toilet tissue.

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