Swiss National Bank will have to buy 70% of all gold mined each year if the referendum passes next Monday doubling prices

news.goldseek.com / By: Peter Cooper / 26 November 2014

The Swiss National Bank would be forced to buy the equivalent of around 70 per cent of total global gold production for the next three years if the referendum being held in Switzerland next Monday is passed. Gold prices could easily double within a matter of weeks.

Recent polls have suggested an early surge in the ‘yes’ vote to 42 per cent has declined in recent days. But the large number of voters declaring themselves undecided will make the result on Monday a cliffhanger for gold and silver investors.

Gold standard

Switzerland was the last country in the world to leave the gold standard in 1999 and may be the first to take a major step to becoming a gold-backed currency next week. Many Swiss citizens are scared by the rise of paper money and money printing around the world and now regret having ditched the gold standard.

Experts say that if the Swiss vote ‘yes’ on Monday, the SNB will have to buy 1,500 tonnes of gold over the next five years, the equivalent of almost 70 per cent of the annual global output from gold mines.

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