With last week’s announcement by the Bundesbank of the repatriation of 674 tons of German gold from Paris and NY over the next 7 years, we predicted that an avalanche of gold repatriation requests would soon be made to the BOE and the NYFed. 
It appears that Switzerland may be next to the game, much to the dismay of the SNB.  The Swiss gold initiative, an initiative to Secure the Swiss National Bank’s Gold Reserves, launched in March 2012 by four members of the Swiss parliament, has grown to 90,000 supporters. 
Once 100,000 supporters are achieved, the Swiss Parliament must take up the referendum

The initiative asserts that the Swiss people should have a right to vote on 3 things, none of which will please the banking cartel:

 

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1. To keep Swiss gold physically in Switzerland (ie repatriate Switzerland’s gold)
2. Preventing/forbidding the SNB from selling any more of its gold reserves
3.  Requiring the SNB to massively increase their gold holdings to a minimum of 20% of its reserves within 5 years, held within Switzerland
.

Not surprisingly, the Swiss National Bank doesn’t wish to disclose where it’s physical gold is held, but it may soon be forced to once the initiative achieves 100,000 supporters. 

674 tons repatriated here, 1040 tons repatriated there, pretty soon we’re talking real money! 

 

From the Post Finance, via google translate:

 

Gold initiative prepares the SNB headache
by Lukas Hässig – home to Switzerland must get their gold from abroad? The SVP initiative calling for the missing, only 10,000 signatures. The SNB could get into trouble.

“Already in March 2013 is the deadline for the submission of Gold initiative,” wrote the St. Gallen SVP National and co-founder Lukas ReimannAlthough it was with some 90,000 signatures on its way. “But to crack the necessary 100’000, now the use of all is needed.”

Where are the 1,040 tonnes of gold the Swiss National Bank? The question is now being seriously discussed with us. The response of the SNB remains nebulous. Most of it is here, but some lie abroad, said the central bank.We do not want to be precise,” says SNB spokeswoman Silvia Oppliger. “Maybe we will express more precisely, should the gold initiative come about.”

German gold repatriation provides in USA for red heads

The German Bundesbank initially thought that she needed to accept the emotional issue any further. But so are a growing number of applied citizens and politicians were not satisfied. They put the central bank so long under pressure until it gave way recently. Now bring the Germans back 674 tonnes of gold from the U.S. and from France to England. This corresponds to a value of 27 billion euros currently.

The large gold repatriation of our northern neighbor provides worldwide headlines. «Germany Moving Its Gold Back Home To Satisfy The Paranoid”, headlines the U.S. Internet newspaper Huffington Post; pure populism to appease a population that is seeing ghosts. In Germany, had previously taken hold doubt the actual existence of the gold that is stored in the gold vaults of the Americans. The bars may indeed be covered with a thin layer of gold and otherwise consist of inexpensive iron was feared.

SNB would have to buy up to 100 billion gold

Interestingly, Switzerland has been a long time before the Germans and taken without public vertebral the topic. Circles from the People’s Party launched 16 months ago, the gold initiative. Because the project in parliament remained chance would just started as the last remaining means an initiative, the initiators said then. By referendum, they want to force the SNB to store all the gold in Switzerland and sell no single ton more. In addition to the SNB within 5 years after voting to increase their gold holdings massively so that it accounts for a fifth of the minimum in the whole balance.

At current prices, the rest would go into the money. Currently, the share of gold in all the assets of the National Bank is only at 10 percent. If the SNB reduced its balance sheet is not strong, then it remains a possible adoption of the initiative no other choice than double its gold reserves to 2000 tonnes.

A ton of gold currently costs about $ 55 million. Now can be expected: 2000 tons came to 110 billion dollars, equivalent to about 100 billion francs. By comparison, the SNB now has a capital of 62 billion francs. This does not include higher gold prices that could arise due to the demand of the SNB.

Headache at the guardian of the currency

Where did all that money to come for gold purchases is not clear. It would be nice to reduce the mountain of about 170 billion euros in order to buy gold bars. Only it would take for the many Euros first buyer, and the single currency would yet remain so stable that billion-sales of the SNB would not immediately strengthen the franc against the euro again. This consideration alone makes it clear that the gold initiative although many Swiss arrives, but whose implementation the responsible persons would cause big headaches.


In other news, tungsten futures opened limit up Friday.

If you don’t hold it, you don’t own it!!

SD Bullion

  1. Nice find.
     
    At first I thought it to be weird… I thought the Swiss of all people would have their gold at home… and assumed maybe it was meant to be Sweden.  Guess not.
     
    Will be interesting to see more news on this.

    I tried looking it up and found that ZH mentioned this desire back in March 2012, so it’s taken a bit of time to get to this point. Guess the avalanche is coming…

    http://www.zerohedge.com/news/switzerland-wants-its-gold-back-new-york-fed

    • Yeah, I agree.  I would have thought that the Swiss would have ALL of their gold at home, seeing as to how they have been very strong in the banking business for centuries.  Maybe having some of it stored out of the reach of greedy and stronger neighbors in the 20th century was a good idea but perhaps the value of that is now less than it was.  They should bring their gold home so that they KNOW what they have and not just what someone else tells them they have.

    • I got a better idea.  Make ballots with circles about 2″ in diameter on them and the voters shoot the candidate’s circle they want to vote for from 10 yards out.  1 round per candidate.  Misses are not counted as votes.  :-D

  2. Wonderful article Doc, in which I take special interest, because my brother resides in CH, and is getting his citizenship now. I want to rally him towards putting his signature down too so that they can reach their 100,000. But alas, the translation from German to English via supposedly Google Translate has not been edited into proper English, and a few things to not make sense. Where can I find the original German text that I can send to him?

  3. Did the Asian Markets Go To Sleep Tonight. I’ve been watching the market since 10pm Hawaiian Time at it still reads +.10 Silver & +3.60 for Gold The last six hours. What they just went stagnant the market all at once. 

  4. Grumpy Ranger is BACK!!!!!!!! Well, Silver has dropped a Dollar in the last two days That Siver shortage out there must
    really be something and however far it goes down it will take ten times longer to get back to where it was! Then the Guru’s
    will say what a great rally!Yeah like a Hamster on a TreadMill ……..ANY FRIGGIN’ IDEA WHY WE ARE REVERSING BADLY AGAIN ESPECIALLY IN THIS SHORTAGE CRISIS THAT WE ARE SUPPOSED TO BE HAVING??????????

    • @Ranger:
       
      You’re not THAT grumpy, lol.
      Listen, don’t pay too much attention to the minute to minute, hour to hour, and day to day spot price of silver.  Why?  Because its the PAAAAAPPPPPPEEEEEERRRRRRR price of silver.  The ONLY use it is to you is for you to go out and find someone to sell it to you for CLOSE to that price.  Which brings me to the PHYSICAL (or real) price of silver.  At the moment, silver is at 31.32.  Fine, go out and try to buy it at that price…GOOD LUCK!  You will probably, realistically, end up paying SEVERAL DOLLARS over the spot price.  THAT, my friend, is the PHYSICAL price of silver.  The current PREMIUM is 17.8% over spot.  So, at the moment one should expect to pay 36.89 per oz. 
      My outlook, and those a LOT smarter than me in this (silver) business say the premium will be closer to FIFTY PERCENT in the coming weeks and months.  So, again, use the spot price as a guide, but expect to pay (and sell your silver, if your a mind to) at SIGNIFICANTLY higher price.  It bears repeating….T.I.O.L.I. time is nearing every day….Take It or Leave It (TRUE price of silver). Keep stacking, particularly 90% junk, if you can find it.

      Remember, at some point in time, you won’t be able to buy silver AT ANY PRICE!

    • Exactly right, Silverrrrr.  The real beauty of owning silver or gold is that we can finally quit worrying about the fiat price of the stuff.  The only times when that matters a bit is when we buy and sell it.  99% of the time, we are HOLDING it and could not care less about the fiat price equivalent because we do not want fiat in trade for it.  Ounces are what matters to a person holding PMs, not price.  Those who like to jump into and out of the PM market can worry about the price.  Some of them can make some decent money by trading gold and silver and that’s fine.  Others can make money trading in PM ETFs.  I have a very nice gain in the PPLT platinum ETF that I bought when Pt hit $1400 an oz.  Yeah, it’s “just paper”, but one of these days I will sell it and buy a handful of gold coins with those paper profits.  :-D
       

  5. Grumpy . Don’t be anything but yourself. This stuff pisses me off too.
    Silver is hit like a cheap pinata because of 250 MOZ plus of paper shorts created by the mega banks and Exchange Stabilization Fund. A straight on hit and down it goes. That government fund, started through profits of the 1934 FDR gold heist, has well over $100 billion to smash markets any time , any where. If the JPM type banks are short the funds to hit the market a quick call to the Fed gets the market moving.
    Rest asssured, this game will end.

    The Swiss repatriating their gold? This is the best example of ‘the first through the door gets the best deal’. Chavez retreived 110 tons with much less BS and bother I’m no fan of this tin pot tyrant but he was very clever.
    . Everyone else is standing in line with empty begging bowls. And that is very funny.
    PS The Swiss citizenry is very well armed. When the Swiss people force this issue though the government, this fact of being well armed will reflect on the citizens ability to get the government to comply with gold repatriation. We would be well advised to take note of this fact
    PPS I like that bit of wording ‘public vertebral’ Guess that means the Swiss people have stiff spines.

    • @AGXIIK
      Three words that will get you rich quick…..”Stick Em’ Up!” Problem is, I don’t know who to Stick Up in all of this shortage nonsense. How in the Heck could Silver be going down in price with such a great shortage? I know JPM, The Fed must be dealing the cards, but how can their pockests be that friggin’ deep against world demand? If Fiat currency is getting that damned weak it isn’t showing any lack of anemia. DXY is down, so where is the problem?

    • Problem here is the sheep are brain washed into “black guns are evil” doesn’t matter that it is a simple hunting rifle in fancy dress.
       
      Another domino soon to fall, each one will put more and more pressure on the markets.

    • How in the Heck could Silver be going down in price with such a great shortage?”
       
      Umm, the market is RIGGED and that means that silver fundamentals are not setting the price of silver? 
       
      AG… I have no problem with shorts or longs but I despise the damned naked shorts.  They need to have their necks stretched… after a short but fair trial, of course.  Naked shorting SHOULD be illegal.  In a system that was not up to its eyeballs in corruption, it would be!
       

  6. With all this bullish news coming out it is very weird seeing silver continue to be smashed.  Might be a very good time to pick up some of those 10 oz bars Doc has.  I bet this silver shortage hangs around for a little while. 

  7. Watch now as our guru prognosticators dissapear for a few days during this current smackdown after  which time they will re-emerge from their holes, {perhaps on groundhog day} with updated charts, renewed vigor  and additional assurances  of even greater prosperity for all, as long as we buy the dips.    
     

    • Yes, the snake oil salesman will be out in force very soon.  Ignore them.  Only buy silver if you have a 2 year or more time horizon.  Avoid the high premiums.  Try and make cash purchases.  And, do not use all your dry powder.  Having cash on hand gives you strong hands.  Get ready for crazy price swings and be prepared to ride it out.  If you can’t handle that you shouldn’t be invested in silver.

    • John from Philly,
      I have been saying the same thing all along in diiferent ways. Silver down a dollar and if it goes up 25 cents, it’s a friggin’ rally! Guess they think we don’t pay that close attention and forget. Horseshit!

    • Absolutely. It is clear the cartel is in at this point control, maybe a loosening death grip. But in control nonetheless.
      We can pontificate about shortages (although metal is still easily obtainable), gold repatriation (which largely has been talk and endless mental masturbation), declining ore grades and escalating costs for silver mines (although the vast majority of silver comes from base metal mining), and endless chart formations which show that silver can bounce off it’s fibonacci retracement-doo-doo-wave-pattern-jiminiez-candle to correct to 85 bucks.
      But it is all bullshit because you don’t beat the casino owners in their casino. It will break, but when it will break is beyond me.
      Perversely the best thing we can do is go buy silver, when it is the hardest thing to do mentally when you wacth the waterfall. They know the game ( I stacked 40oz yesterday).

    • At my local chain grocery store Asparagus was always $3.99 / lb and was usually on sale for $2.99.  Last week I noticed it jumped to $4.99 / lb so it just went up by 25%.  The other things I’m noticed is tomato’s just went up by about $0.20 to $0.40 / lb.  Sure it’s winter but never seen this type of seasonal effect before on items like tomato’s.  I just wonder if all produce items are going to have this type of jump in the near future?
       
       

  8. Roger that Ranger.  Stick ‘em Up!.  That worked for me for years, but I’m a former banker. 
    It was a good laugh when some masked man tried to rob our bank.  Happened about every 2-3 months. Even the tellers got to laughing over these amateurs. Now the bankers are into some serious stealing and that’s no laugh anymore.

  9. @Silverrrrr
    Heck I know that Buddy. I cannot understand the Sheeple that buy SLV for a a dollar less than spot and then not paying attention to the real street price. I have cut in on the SLV message board and tried to tell them how badly they are getting hosed, but 99% of those posters think that they are really going places.  The fact is they know JPM is as crooked as a dog’s hind leg, but ignore the warnings. Bless them for they know not what they do. Regardless the London Fix does not lie, but sooner and most likely later all of the shorting Bullshit will come to an end. I don’t see Treasury yields going down as supposed Uncle Ben is buying up 85 Billion. The financial markets keep chuging along like nothing is wrong and the dollar keeps sinking below 80. The bases are loaded, but I see no strong hitters at the plate other than JPM and The Fed crushing PM’s.
     

    • but 99% of those posters think that they are really going places.”
       
      They are… but its not the place they think that they are going!  
       
      The thing about SLV and GLD is that this is a small investor’s paper PM playground.  Virtually all of them just want to invest in a paper product that trades easily, has no storage or insurance needs, matches the rise of PM prices, and settles their trades in cash.  That’s all.  Virtually none of them ever wants to receive metal to settle their trades.  As long as people understand what these ETFs are and, perhaps more importantly, what they are not, WTH?  Let’em have their playground.  Unlike many of them, I read the prospectus for each of these and they were probably the most poorly written financial documents I have ever read.  Calling them TERRIBLE would be an insult to that word.  In any case, there are a few ETFs out there that are decent and if anyone wants a paper PM investment, they should consider them.  The ones I like are SIVR, PPLT, and SGOL.  All are independently audited and must maintain a strict ratio of ounces to shares.  If they want to sell more shares, they gotta buy more ounces to back them.

    • Woolly, my unique snowflake, try taking a deep breath, and relaxing.  Think about pleasant, positive things…because as you know in your big heart, things are going to get, oh so much WORSE!

  10. The opinion was divided. People on this forum are divided into two categories. Some – speculators and second – investors.
    Speculators want to be able to sell more expensive. Investors want to be able to buy cheaper.

    Personally, I – investor. I’m glad of each a good price reduction. I’m not going to sell anything in the coming years for $ 50 or even $ 150 and $ 250. In the coming years, I’m going to just buy it. Therefore, I am happy any good to reduce the price of silver. But if the price of silver go up, this always makes me sad.

    I understand what is happening and I look at the situation globally. They can not change the reality. But they can change our perception of reality. They want to kill our faith in the reality and make us believe in the fairy tale, that they show us. For this reason, they are playing for a fall in prices despite all the news. So, they want just shake out silver from the weak hands of weak people and speculators.

    At each of his investment, I look into the future three years. This is at a minimum. So I feel very comfortable and I am truly happy with the latest developments. Silver prices fell? This is great! Look at the gold silver ratio index. With such a sharp fall in gold prices, it has not changed. When did you see such last time? When did you see, what would the price of silver declined more slowly and is less than the price of gold? Is not that enough to understand that the situation in the silver market is changing?

  11. So yesterday I visited the LCS to make an offer on a huge bag of Mercury Dimes the guy purchased from an estate last summer.  He allowed me to dig throuh it back then, and pick out a bunch of pre-1940 coins at the then-spot price which came out to $2.00/ea.
     
    Fast-forward to yesterday, when I offered to buy the whole bag – which contains about 64 oz of Silver content – for $2.00/ea.  But he turned that down and counteroffered to sell these at a spot price of $30/oz, which works out to $2.17/ea.  but with the current spot price working out to $2.25/ea, I am leaning against using up all my dry powder on this bag.
     
    He told me there doesn’t seem to be much demand for Mercury Dimes, so it may be worthwhile to sit this one out for now.
    Thoughts, anyone?

    • Mammoth – If I were you, I would jump on it and count my lucky stars! Getting any form of silver for under spot is a steal, especially junk. I like the dimes the most – they’re the most divisble in terms of spending/bartering and not overpaying if the other party can’t make “change.”
       
      If we all accept that silver is wildly undervalued, I think the premium on junk silver is wildly undervalued. Premiums on junk spiked higher than other forms in the ’70′s and 2008, and you’ll have easier liquidity when prices finally spike and thousands of smaller buyers may not be able to afford larger denominations. 
       
      Plus I just think the mercury’s are the most appealing to look at. That’s my $0.02.

    • “…if the other party can’t make “change.””
       
      Yeah, dimes are handy as small silver units but we may be underestimating people’s ability to adapt and to use other things of value as “change”…  .22 shells, for example, needles, fish hooks, individual cigarettes, buttons, or matches… as well as many other handy items that could become scarce in a SHTF situation.
       
      I like the look of the “winged liberty” dimes myself and bought some from a LCS.  Also have a $100 bag of BU Roosies.  Yes, these look like more modern coins UNTIL one holds them up on edge and does not see any copper cladding on them.  My guess is that they do not weigh the same as a clad dime.  I know that a 90% silver quarter weighs about a gram more than a clad quarter, so a small item scale should be able to spot the difference.
       

  12. I guess I don’t get why people would have less interest in the mercury dimes.  Unlike with the Roosevelt ones, you can immediately tell that you’re looking at a 90% silver coin.  If you get a worn 1958 Roosevelt dime, for instance, it can be hard to immediately distinguish from a crappy 1968. 

  13. In 2008, Silver prices experienced a huge drop, yet demand for physical Silver was even bigger, leading to shortages.  Today, there are shortages in Silver going on, and the paper prices are dropping.  Although counter-intuitive, this is what can happen in a market where trading paper Silver dictates the price rather than the supply-demand for the actual physical metal.  This is called price manipulation.  Few would argue that everything in the financial world is now known to be manipulated–why would the Silver and Gold markets be any different?
     
    The GATA speeches at the recent Cambridge House conference emphasized the impending action in Silver as it relates to JPM getting into major trouble with their paper Silver short positions.  They have been very consistent with the information that they have been sharing with the public.  GATA has been right about Gold manipulation for many years.  Let’s see if their story on Silver comes to fruition.

  14. We all know the COMEX price for Silver represents a crime committed by JP Morgan, the CFTC, and others.  We know better than to sell at the COMEX price. The only persons who would sell Silver at the CRIMEX price are the criminal bankers themselves. Also, weak hands who must sell for whatever reason like bills, etc. This exposes to us a winning strategy. Keep reading.

    Since the criminals can create unlimited fiat money with which to create and sell unlimited numbers of DTCC fraudulently created SLV shares they can keep the CRIMEX price down for as long as they like. Without limit.  Do not ever expect the CRIMEX price of silver to go up a lot. Instead, expect your Local Coin & Bullion Shop premium to rise as supply becomes scarce. The LCBS premium is the physical Silver price separating from the paper Silver price.

    Silver stackers win when we IGNORE the COMEX price. Ignore it completely. We know it is a crime. To do this we must hold our Silver in strong hands. Do not put yourself in a positilon where you must sell your Silver in exchange for their criminal fiat currency. Barter if you must, with other strong hands, but never sell for fiat currency.

    This is how we defeat the criminal bankers. Re-read the above.
    ***************************************************************
    ***************************************************************

     

  15. I don’t know what depressed me more.  Finding vacation pictures of my friends in Hawaii on FaCIAbook or Mammoth bagging cheap silver.  Damn.  All my FIAT was lost in a canoe accident.  The EPA fined me for polluting the lake

  16. As a longh time practitioner of haruspicy I have developed the art of divining the future by studying the entrails of sacrificial animals. A far superior predictive indicator to charts and email alerts, I assure you. Having sacrificed three pigeons today and laying out their guts for examination I find that the patterns closely correlate to the Kitco results over the past 72 hours . Ironically this  sign is quite bullish and bodes well for all in our camp but not til after Groundhog Day.  As a Pennsylvanian  who has seen many a grungy groundhog emerge from its lair  over the years you may be sure I know whereof I speak. WARNING: HOLD FAST. DO NOT BUY (AND CERTAINLY DO NOT SELL) ANTHING UNTIL YOU HEAR FROM ME SHORTLY AFTER GROUNDHOG DAY  I shall need the time to properly examine the creature’s intestines and consult with my fellow harusipix  peers for confirmation. In the interim period I shall be polishing my silver. Hold fast and be well, my friends.

  17. This Price Drop is Pissing me off so I’m heading out to buy myself a couple of rolls of Rounds. That will fix them Efen Banksters. As for the Swiss they better get their act together sooner than later. Keep Stacking

  18. Mammoth.  If I play my CW records backwards will I get my FIAT back?
    silverrr, The  two gals you saw  in the silver Jeep getting tanned golden brown at the topless meach just around the corner from Makena.  I peeked them too 
    Aint f***book wonderful?  LOL
    Don’t tell my wife 
    She thinks I use the computer for work. Maybe I can get a job at the SEC.

  19. Sittting here getting sick watching CNBC Money Muppet Maria Bartoromo schmooze with the elites in Davos .  All the while the network is driving home the virtues of the DOW by showing us every two minutes how much it has gained since 2007.  The investors are creaming their jeans while we stackers are contemplating slitting our wrists. We need our own  television network

    • Lol, AG…
       
      Well, this stacker has no intentions about giving the banksters what they want via any slit wrists… unless they are volunteering, of course.  All this is just another bankster-inspired buying opportunity.  Anyone who is stacking should enjoy these chances to the fullest.

    • REAL MEN can handle a little cold water!  LOL!!
       
      On the other hand, anatomical “shrinkage” could be a significant problem!  ;-)

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