by Peter Cooper, Arabian Money:
So the Swiss referendum on gold at the end of last year did prove to be a decisive point in the gold market cycle, after all. The fall to $1,138 on the ‘no’ vote marked the low of the cycle. However, for the rocket to send gold prices to the moon this was ‘the right country, just the wrong event,’ as Ross Norman of Sharps Pixley told ArabianMoney. That event was the de-pegging or ‘pegxit’ of the Swiss franc from the euro last week. It send gold prices soaring $70 an ounce to above $1,280 an ounce. This is not the first time the Swiss National Bank has played an important role in the gold price.
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