I really don’t know enough about Swiss politics to know whether this is a serious undertaking or one driven by cranks (106,000 signatures), but the Swiss are a serious folk and I’m presuming that they don’t undertake referenda on frivolous whims.
The proposal is to repatriate all SNB Gold from overseas (similar to what the Bundesbank has been contemplating) and that the SNB must hold at least 20% of total assets in Gold. I’m sure Max Keiser will be having a field day.
There are undoubtedly still some big positions out there presently being unwound so I’m still tipping some medium-term consolidation between $1200/$1500 before the bull trend resumes.