by Jim Rickards, Daily Reckoning.com:
A Swiss Gold Referendum will take place on Nov. 30, 2014 — just 3 days from now. Its terms prohibit the Swiss National Bank (the central bank) from selling any gold, require the bank to purchase gold up to the level of 20% of Swiss reserves and require that all Swiss gold held abroad be returned to Switzerland.
If it obtains a majority “yes” vote, it becomes law despite the objections of bankers and politicians. This would deliver both a demand shock and a supply shock. The gold market and central banks are whistling past this graveyard. They may be in for a shock when the votes are counted.
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