Switzerland: Referendum on prohibition of gold sales by SNB, storage only in CH, min. 20pct reserves

[mmerlinn]

So does this mean it will tumble further or had it already tumbled assuming it would fail?

Probably tumble a bit.

The general rule is "buy rumor - sell fact" so now that the rumors have been laid to rest with the fact that the initiative failed, you will probably see gold down more in the near term.

 

[pmbug]

I'm still amazed it got as far as it did. Is it possible to try again in a year or two?

 

[swissaustrian]

I'm still amazed it got as far as it did. Is it possible to try again in a year or two?

Its possible, but unlikely to happen. The margin of no`s over yes`es was too wide to trigger enough momentum for another try in the short term.

 

[ancona]

I wonder if Diebold built their voting machines....

 

[swissaustrian]

It`s all paper ballots with handwritten "yes" or "no" votes here. We have no voting machines

See last Sundays ballot, the gold initiative is no. 3 (not my ballot by the way, I have voted no - no - yes) :

Voting is controlled form the top down here. If the major political parties and other strong lobby groups (media, business, unions) oppose an intiative, the chances of passage are minimal. Most voters just follow the recommendations of the institutions they feel attached to.

 

[pmbug]

* bump *

...
Preface: Switzerland has a system of direct democracy. The people can demand a referendum on all new federal laws. Changes of the federal constitution are always subject of a referendum. The Swiss constitution offers the institution of a "constitutional initiative". If a certain number of people sign a petition to change the constitution, then a nationwide referendum will be held.
...

Thread is old, but the Swiss recently had a new referendum:

Swiss voters dismissed a radical proposal to overturn one of the financial system’s core tenets.

The so-called sovereign money initiative, or “Vollgeld,” would have ended the system of fractional reserve banking that’s been around for centuries by allowing only the Swiss National Bank to “create” money. But 75.7 percent of voters rejected the measure, according to the government.
...

More: https://www.bloomberg.com/news/arti...ect-sovereign-money-proposal-projection-shows

 

[rblong2us]

disappointing but not surprising result.

Not enough prepared to move away from the central bank model that has served us all so well ........

What will it take for the people to wake up ?

 

[pmbug]

I'm afraid that the wake up call is going to be disorderly (ie. catastrophic) in nature.