On November 30, the lucky Swiss citizens get to go to the polls and tell the Swiss National Bank what to do about gold. A yes-vote will require the SNB to:
- Increase its gold reserves to 20% of its assets, which may force it to buy 1,500 to 1,700 tons of gold
- Stop selling its gold
- Hold all its gold within the country (rather than in London, and elsewhere).
It will send shock waves through the gold market and will be a game changer for central banks around the world, according to Egon von Greyerz, Founder and Managing Partner of Matterhorn Asset Management, Switzerland, and one of the powers behind the initiative. In this exclusive interview, he discusses the Swiss Gold Referendum and its profound implications. The role of China? It’s a “fascinating game,” he says, of how the “West is losing its gold,” while China is buying gold, taking physical delivery often via Switzerland, and “clearly building up a massive stock of gold.” Watch the video….