Yesterday was a story on Germany nervous about its gold reserves, today its Switzerland’s turn. The SNB has on a few occasions sold some of its gold reserves and four members of parliament are concerned that Switzerland should hang on to its gold and refrain from selling any more.

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.

Although there may not be much chance of the vote being held it is another example of people worried that their central bank does not have access to its gold.

how many more international grassroots outcries for if not repatriation, then at least an audit of foreign gold held by the New York Fed have to take place, before Goldman’s (and New York Fed’s) Bill Dudley relents? And why are the international central banks not disclosing what their people demand, if only to confirm that the gold is present and accounted for, even if it is at the Federal Reserve?

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