Swiss Gold “Yes” Vote Could Boost Gold 17%

Last week, an analyst for Bank of America predicted that gold could rise to $1,350 if Switzerland passed the “Save Our Swiss Gold” initiative at the end of November. That’s almost 17% higher than today’s gold price. The media is not just watching the price of gold in the weeks leading up to the Swiss Gold Initiative – the value of the Swiss franc in relation to the euro has also been closely eyed. Unfortunately, as you can see in this article from Bloomberg, the financial media generally makes it sound like the Swiss Gold Initiative would be terrible for the franc.

However, the Swiss Gold Initiative is more than just a referendum on returning to sound money policies in Switzerland. It could also be a major advance in wrestling control of Switzerland away from politicians and bankers who profit from manipulating the franc. The Swiss company Global Gold AG conducted an excellent interview with Dr. Ron Paul about the topic and what it means for Swiss investors.

When we look outside of Switzerland it is easy to recognize how the Swiss model successfully protects individual liberty and the property rights of each person better than in any other surrounding centralized government system. Outside of Switzerland politicians have the power to make the law and decide on behalf of the people, whereby the individual is downgraded to a tax paying subject. Therefore an independent hard currency is the most important ingredient when creating the basis for an order based on freedom and liberty. Alan Greenspan wrote back in the following passages in his essay “Gold and Economic Freedom” (originally published in Ayn Rand’s “Objectivist” newsletter in 1966) before he changed sides and took over one of the most powerful jobs on the planet:

‘In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. (…) The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.’“

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