SNB comments on the upcoming Gold ref by Milan Cutkovic

Switzerland will vote soon on a referendum that wants the SNB to keep 20 % of its assets in Gold. SNB officials were again on the wires earlier this morning, saying that if the referendum passes, it would hurt the SNB’s ability to do it’s job. Here are the comments from SNB Governing Board member Zurbrugger:

  • SNB’s credibility will suffer if voters back the Gold referendum that the bank should hold at 20 % of its assets in Gold
  • The SNB won’t be able to totally fulfill its legal mandate any more if it is accepted
  • Hopes voters will reject initiative

EUR/CHF is currently trading at 1.2057.

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