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SNB chairman says gold initiative would be disastrous-paper
A vote in favor of Switzerland boosting its gold reserves would be disastrous for the country, the chairman of the Swiss central bank said in a newspaper interview published on Thursday. The "Save our Swiss gold" proposal, spearheaded by the right-wing Swiss People's Party (SVP), aims to ban the central bank from offloading its reserves and oblige it to hold at least 20 percent of its assets in gold. The referendum is scheduled for Nov. 30. The SVP argues it would secure a stable Swiss franc. The initiative has sent jitters through both the gold and currency markets, since it would require the Swiss National ... (full story)
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