Zerohedge : Switzerland Wants Its Gold Back From The New York Fed

Zerohedge : Switzerland Wants Its Gold Back From The New York Fed
Profile photo of Redmond Weissenberger

Looks like the trust that holds together our current financial system is disintegrating…

Earlier today, we reported that Germans are increasingly concerned that their gold, at over 3,400 tons a majority of which is likely stored in the vault 80 feet below street level of 33 Liberty(recently purchased by the Fed with freshly printed money at far higher than prevailing commercial real estate rates for the Downtown NY area), may be in jeopardy,and will likely soon formally inquire just how much of said gold is really held by the Fed. As it turns out, Germany is not alone: as part of the “Rettet Unser Schweizer Gold“, or the “Gold Initiative”: A Swiss Initiative to Secure the Swiss National Bank’s Gold Reserves initiative, launched recently by four members of the Swiss parliament, the Swiss people should have a right to vote on 3 simple things: i) keeping the Swiss gold physically in Switzerland; ii) forbidding the SNB from selling any more of its gold reserves, and iii) the SNB has to hold at least 20% of its assets in gold.

Here is the Swiss Press Release:

Rettet unser Schweizer Gold
Postfach 23, 8416 Flaach
Telefon 0041 (0)52 301 31 00, Fax 0041 (0)52 301 31 03, Email:
Bern / Switzerland: Press conferece, 20th of september 2011
“Gold Initiative”: A Swiss Initiative to Secure the Swiss National Bank’s Gold Reserves
Luzi Stamm, member of the Swiss parliament, Baden ‐ Switzerland; 0041 (0)79 307 92 44
Today, four members of the Swiss parliament present this “Gold Initiative” for the purpose of securing the Swiss National Bank’s gold reserves. In the coming months, the goal of the initiative committee will be to collect 100’000 signa‐tures among the Swiss population. The Swiss people will then be able to vote on the initiative, which stipulates:
‐ The gold of the Swiss National Bank must be stored physically in Switzerland.
‐ The Swiss National Bank does not have the right to sell its gold reserves.
‐ The Swiss National Bank must hold at least twenty percent (20%) of its total assets in gold.

In an arguably irresponsible move, the United States Federal Reserve and the European Union (with the European Central Bank ECB) are in the process of a de facto devaluation of their respective currencies, by printing tremendous amounts of Dollars and Euros. These actions strongly affect the Swiss National Bank, as the Swiss franc runs the risk of being devaluated as well.

Until ten years ago, the gold reserves of the Swiss National Bank were historically regarded as the “property of the Swiss people” which could not be sold. But in the last decade the Swiss National Bank has changed this policy and sold more than 50 percent of its gold reserves. To a very large extent, over the last two years this has been in order to buy foreign currencies.

The authors of this initiative believe that selling this gold was a clear mistake. Neither the central bank, nor the politicians should have the right to sell the “people’s property”. If the initiative is accepted, this would back up a portion of the Swiss Franc with physical gold. It would also force the Swiss National Bank to reveal the location where the gold is stored.

Reason dictates that transparency, a certain percentage of physical gold, and a gold‐backed currency which does not devalue are the principles which should be followed by all the central banks around the world. In this, the Swiss National Bank should serve as an example to others.

Nationalrat Luzi Stamm

  • rodolfoMK

    WOW! the swiss are on the right path, once again!

Profile photo of Redmond Weissenberger

Redmond is the director of the Ludwig von Mises Institute of Canada.

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