Swiss Vote NO to GOLD! Will Precious Metals Prices CRASH?
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Swiss Vote Against Gold Deals Blow to Investors Hurt by Slump
With no chance that the Swiss central bank will be the next big buyer of gold, it’s one more reason for investors to be bearish.
Voters today rejected a referendum requiring the Swiss National Bank hold at least 20 percent of its 520-billion-franc ($540 billion) balance sheet in gold. Had it been approved, it would have led to purchases of at least 1,500 metric tons over five years. With lower oil prices reducing costs for consumers and the U.S. considering raising interest rates, demand is fading for hedges against inflation such as gold.
India scraps gold import restrictions
Sources:
http://mobile.bloomberg.com/news/2014...
http://www.jamesrickardsproject.com/a...
http://www.gold.org/about-us
http://www.ft.com/cms/s/0/efa9d042-77...