In December’s Gold Videocast, Peter Schiff responds to the Swiss voters’ rejection of the “Save Our Swiss Gold” initiative. He explains why the results of the referendum spell the end of a stable Swiss franc, but also the long-term success of gold. With no truly sound, safe-haven currencies left in the world, both Swiss and international investors will inevitably return to gold to protect their savings. Peter stresses that the Swiss vote is a wake-up call to the world: you can’t rely on central banks to protect the purchasing power of your currency. However, you can start your own, personal gold standard today.
Stay tuned for a full transcript. Meanwhile, follow along with these timestamps:
0:17 – “Save Our Swiss Franc” would have been a more accurate description of the Swiss gold initiative. The Real Crash: Americ... Best Price: $3.00 Buy New $9.55 (as of 12:25 UTC - Details)
0:59 – Switzerland used to have more than 40% of its reserves in gold and was very prosperous.
1:47 – The Swiss gold initiative was a threat to the powers-that-be, because it limited the ability of the Swiss National Bank (SNB) to create inflation
2:35 – If the initiative had passed, Switzerland would have been an example of a strong economy in a sea of European inflation.
3:34 – How is it crazy to have only 20% of your assets in gold, but sensible to have 100% of your assets in fiat currencies?
4:30 – The Swiss originally didn’t want to adopt the euro, but now they’ve embraced a de facto euro standard.
5:30 – Gold and silver dropped dramatically after the vote, which was surprising since no one had really expected the initiative to How an Economy Grows a... Best Price: $1.99 Buy New $7.20 (as of 11:05 UTC - Details) pass.
6:23 – Gold and silver recovered their losses quickly once the United States started trading.
7:10 – Peter believes the “no” vote is more bullish for the long-term price of gold.
7:43 – If the Swiss had adopted the referendum, it would have slowed down Swiss money printing and Swiss inflation.
8:28 – When the world realizes the United States is going to return to quantitative easing, the Swiss franc will no longer be a safe-haven option. This would mean greater demand for gold.
9:36 – If the SNB won’t be buying gold on behalf of its people, the Swiss will buy gold individually to protect their purchasing power.
10:49 – Looking at historical actions of central banks, there’s a chance that gold’s low price on Sunday could end up being gold’s bottom.
11:55 – SchiffGold has a limited-time special on 1-ounce silver bars for 79¢ over spot.
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