Big Banks fear Swiss citizens will vote to reback their money with gold
The big banks and governments don’t want the Swiss people to reback their money 20% with gold. What does that tell you?
Gold is real money. Paper is not. Gold doesn’t rise and fall in price. (Generally) Paper becomes more or less valuable relative to gold. This concept is lost on the general public. It is not lost on the bankers and the folks in government.
The establishment fears gold money. It reins in their power. Thus the reason they fight gold so ardently and why they are fighting it online and in newspapers today.
(From The AP)
In a test of their sense of financial security, the Swiss are being asked to vote on a proposal to make the central bank hold a fifth of its reserves in gold within five years. That would mean buying about 1,500 metric tons, or 1,650 short tons, of gold worth more than $60 billion.
If the initiative wins the backing of a majority of voters this Sunday, the Swiss National Bank would also be prohibited from spending any of the treasure, which would have to be locked away in vaults entirely on Swiss soil. The prospect risks causing a spike in gold prices globally.
Not so much a “spike” in gold prices, more an erosion of paper value.