The referendum for the Swiss Gold Initiative is scheduled for November 30th and the propaganda war - between the Swiss National Bank (SNB) and the Swiss Parliament on one side and the Swiss People's Party (SVP) on the other - has begun and we expect it to escalate as the day draws ever nearer. Having already questioned the 'location, location, location' of Switzerland's current gold stash, and examined the initiative in great depth here, JPMorgan notes that not only might the forthcoming Swiss gold referendum stabilize gold pricesat a time when Gold ETF demand continues to decline, but warns, it also appears that markets under-appreciate this event.
Is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us?
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