The most important development after the last poll is the decision of the gold initiative to actively fight against the SNB’s minimum euro rate.
[corrected version, see the comments below]
What are the reasons:
The proponents have realized that discussion very much focused on the condition that the SNB must hold at least 20% gold. This implies it needs to buy around 1600 tons of gold with “printed money”, if it wants to maintain the euro floor. If the central bank manages to sell the euros and dollars one remote day in the future [what some pro-SNB “financial experts” consider possible], then masses of gold would remain on the SNB balance sheet and cannot be sold. In 2013, the initiative proponent Lukas Reimann was confronted with this argument already and he replied that the SNB has also the possibility to sell half of its fiat currencies.
The idea is simple: the SNB should sell euros and other fiat currencies in the coming five years and buy gold with the proceeds. This will solve the potential issue of the “unsellable gold”.
Twitter is the communication channel to target those often intelligent people that have an issue with “unsellable gold”. The proponents want to win them back by saying the biggest mistake is to peg to the euro, to a failed currency. This change in strategy becomes visible in their ad-financed Twitter campaign, here is the link to their Twitter profile.
The promoted tweet: “Gold unsaleable? The euros are unsaleable!”. This advert appears on the top of the timeline when most Swiss log into Twitter.
The euro and dollar bomb shell, highly speculative foreign currencies behind the Swiss franc to be replaced by gold backing.
Another one showing the euros sink, while the gold ship prevails.
The next claim is for social responsibility: the SNB wants to help the rich and fight the poor.
“When central banks print money then the rich get richer and the poor poorer!”
It shows the Piketty split, also visible in the voting intentions by income group in the poll.
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Tags: gold initiative,Referendum