I will get more on this later as time permits...
The polls seem to have shifted AGAINST the referendum. That has pulled the rug out from under the gold market which has been drawing support from recent polls showing "YES" had a slight lead.
I believe that once the public realizes that the SWB will be at a serious disadvantage in maintaining the Swiss Franc/Euro peg if the referendum passes, the mood will shift against it.
Quick note - gold has lost $1180 once again. That is a big deal. It needs to stay above that level to keep the bullish hopes alive.
For those who are still unclear on this referendum - if it passes, the SWB will be required to hold 20% of its assets in Gold.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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