VIDEO-Swiss set for gold vote amid '6,000-year bubble' warning

Campaigners for a "yes" vote believe that this currency peg is allowing Swiss economics to be dictated by the euro zone and have warned that a weaker currency could lead to a weaker economy.

Former U.S. Republican congressman Ron Paul, a well-known gold fan, has come out in favor of the "yes" vote, saying that it would be a "slap in the face" to the country's elites. "The Swiss people appreciate the work their forefathers put into building up large gold reserves, a respected currency, and a strong, independent banking system. They do not want to see centuries of struggle squandered by a central bank," he said in an opinion piece published on his website.

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Gold advocate Peter Schiff, the CEO of Euro Pacific Capital, has also weighed in on the debate, saying that it would be the "first major counterattack against the forces of fiat currencies and unlimited global QE (quantitative easing)."

The 1999 vote narrowly passed but Sunday's vote doesn't look to be as close. An opinion poll last week by Swiss media outlet 20 Minuten said 58 percent of respondents would definitely vote "no", while just 23 percent would definitely vote "yes". Meanwhile, gold prices have continued to extend a slump this week, trading at $1,187.8 per ounce on Friday morning, with an oil slump indicating that inflationary pressures are almost non-existent. The precious metal is traditionally seen as a hedge against inflation.

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