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Hello and also welcome to the Goldco News Brief. I'm your host, Kevin Douglas.
Today we're going to take a brief explore the Swiss Gold Vote as well as exactly how this is most likely to raise the price of gold worldwide.
Years back, Switzerland had among the best financial policies on the planet. It was so solid actually, that many various other countries around the globe designed their very own monetary policies after Switzerland's. Nevertheless, back then, Swiss cash was mostly backed by gold.
In the late 1990's, when the remainder of the globe started abandoning what's known as the "Gold Standard", Switzerland did as well. Soon after making the decision to relocate away from the gold requirement, the Swiss National Bank sold more than 50% of its gold. Since then, they have actually either marketed or rented a lot of the staying gold.
However, the brand-new financial policy isn't working well in Switzerland as well as their consumers are beginning to speak up. At the end of November, the country's consumers will elect on what's being called the Swiss Gold Vote. If the vote passes, the Swiss National Bank will certainly be needed to repatriate any kind of leased gold, maintain 20% of their assets as gold, and will no more be able to market gold. Basically, the Swiss Gold Vote intends to take the country's gold off of the globe market.
If this referendum does indeed pass, as well as it resembles it will, the standard regulations of supply as well as need tell us that the cost of gold will certainly increase; offering us yet an additional factor to begin looking seriously right into gold financial investments!
Thanks for adjusting in today, I'm Kevin Douglas with the Goldco News Brief.