As has been already alluded to;
the Swiss balance sheet
(paper) expansion/destruction(?) has
diluted gold as a % of reserves.
Paper creation has enabled
CHF/€ d, inter alia, to meet
policy benchmarks.
CHF whilst never really an international transaction currency, has been long considered de facto gold. Swiss bank accounts are (were?) as good as . . . . !
The outcome may be decided by:
the extent of the revelation of the preciousness of gold to the young Swiss voters?
Invisibles or visibles?
Banking or trade?
The ramifications of a possible
YES vote are potentially profound.
