Thursday, March 21st 11:33 AM IST

Switzerland urged to repatriate Gold from US, stop SNB Gold sale

# Swiss National Bank  # CHF  # gold repatriation  # reserves  

Gold reserves guarantee the stability of the Swiss franc and also ensure that that private savings, salaries, pension keep their value, they added.

BERN(BullionStreet): Following big neighbor Germany, Switzerland may start moves to repatriate gold stored in the US.

A campaign was going on in Switzerland in this regard and a mass petition signed by 106,000 signatories were handed over to federal authorities, also seeking a vote on stopping the sale of gold reserves held by the Swiss National Bank.

They said the sale of gold reserves which started 13 years ago following a decision to abandon the gold standard.

Gold reserves guarantee the stability of the Swiss franc and also ensure that that private savings, salaries, pension keep their value, they added.

The group warned gold must not be the object of speculation for the SNB or for politicians. In addition, they want to force the government to disclose where the gold reserves are stored.

The initiative also seeks to enshrine in the constitution a clause obliging the central bank to keep a minimum of 20 per cent of its assets in gold, twice the current level. Promoters say higher gold reserves will boost the SNB’s credibility.

The SNB, which has to guarantee price stability in Switzerland, currently holds about 1,040 tons of gold reserves after gradually selling off at least 1,550 tons.

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