from Sovereign Man:
So the Swiss have decided not to force their central bank into underpinning its reserves with harder assets than increasingly worthless euros.
At least they had the chance to vote.
But in the bigger picture, the rejection of the “Save Our Swiss Gold” initiative flies in the face of a broader trend towards repatriation and consolidation of sovereign bullion holdings – following on the heels of similar attempts by the Bundesbank, the Dutch central bank, for example, recently announced that it had moved a fifth of its total gold reserves from New York to Amsterdam.
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