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Save our Swiss Gold motion is a citizen movement that calls for the Swiss central bank to hold at least 20% of its assets in gold, prohibit selling any gold in future and bring back all its gold reserves to Switzerland.
The Swiss government and the Swiss National Bank (SNB), however, do not agree with this citizen movement and stepped up efforts to block the motion that would force the country to almost triple the amount of its gold reserves.
The group argue that gold is a barrier to devaluation of fiat paper currencies and that there is a key flaw in the system of floating paper currencies. The group argues that gold is a barrier to debasement of fiat currencies.
The movement was started by 3
The Swiss government and the Swiss National Bank (SNB), however, do not agree with this citizen movement and stepped up efforts to block the motion that would force the country to almost triple the amount of its gold reserves.
The group argue that gold is a barrier to devaluation of fiat paper currencies and that there is a key flaw in the system of floating paper currencies. The group argues that gold is a barrier to debasement of fiat currencies.
The movement was started by 3 Swiss People's Party
The Swiss People's Party (german: Schweizerische Volkspartei, SVP; rm, Partida populara Svizra, PPS), also known as the Democratic Union of the Centre (french: Union démocratique du centre, UDC; it, Unione Democratica di Centro, UDC), is a nati ...
politicians – Parliamentarians Luzi Stamm Luzi is an Italian surname derived from the Latin noun ''Lux'' (''Lutius'' = Lucius), meaning "light". Notable people with the surname include:
People
* Bruno Luzi, French football player and manager
*Enrico Luzi, Italian actor
* Giulia Luzi, Ital ...
, Lukas Reimann and Ulrich Schlüer – the initiative to "Save Switzerland's gold" was handed in to the Federal Chancellery in 2013. A referendum
A referendum (plural: referendums or less commonly referenda) is a direct vote by the electorate on a proposal, law, or political issue. This is in contrast to an issue being voted on by a representative. This may result in the adoption of a ...
under Switzerland's system of self-government requires 100,000 signatures to get on the ballot. 5 million Swiss voters could vote on the proposal, this referendum was held on 30 November 2014 and the result was no.
See also
*2014 Swiss referendums
Twelve national referendums were held in Switzerland during 2014.
February referendums
Three referendums were held on 9 February on abortion, immigration and the rail network. The abortion referendum proposed that abortions would no longer be fu ...
* Gold reserve
A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store of v ...
* Gold as an investment
Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives. The gold market is subject to speculation and ...
* Fiat currency
Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometime ...
References
{{reflist Popular initiatives (Switzerland) Economic history of Switzerland