FX.co ★ Swiss politicians offer CB ban gold selling

The Swiss people’s party (SVP), which is the largest in the country, offered some Constitutional amendments, which forbid the local central bank to sell gold.
With this purposeб a campaign “Save our Swiss gold” (“Rettet unser Schweizer Gold”) was commenced, they also want to hold a corresponding referendum, is reported in Schweitzer Fernsehens.
In accord to SVP’s ideas, the bank will have to stop selling country’s reserve gold, as well as store not less than 20% of its capital in this precious metal. Moreover, all gold owned by the CB is to be stored only in Switzerland.
The representatives of the party were criticizing the central bank for selling almost half of its gold reserves during the last few years. Politicians declared that if the gold reserves of the bank had not been sold out, at the moment, the gold reserves of the bank would have reached 75 billion francs (app. 62 billion euro).
Now Switzerland has around 1,000 tons of gold, states AFP. According to the report of the central bank for 2010, almost 16% of the regulators’ reserves are nominated in gold.
In compliance with the Swiss legislature in order to make a referendum concerning any question a citizen of the country has to get at least 100,000 of people’s signatures supporting the initiative.
Since the beginning of this year gold has been enhancing on the world market due to the unstable situation on stock exchanges, which is evoked by the crisis in the EA and U.S.A.
In early September gold hit the record of over 1,920 U.S. dollars per troy ounce.