Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (77603)	9/28/2001 3:54:49 AM
From: E. Charters	Respond to of 116753

The rumours about the Swiss public voting to sell gold is just that -- rumours. It is internet tomfoolery. There is no such plebiscite. There is no such gold. The gov't cannot sell CB gold as there is no gov't controlled central bank and anyway it could not give it orders to sell. All gold dealing and banking in Switzerland is private. The government cannot interfere by constitution. So the public do not have to vote, as they have no say in the sale or buying of gold by any bank, and the government itself does not sell or buy gold. I know Swiss citizens and they have not been informed of any such plebiscite. The Swiss franc is backed by gold. This gold the government cannot sell, and this is also by constitution. The Swiss cannot and will not change their constitution by legislature and they will not dilute their currency. Since they import raw materials and sell high value items, they do not need to devalue. I can tell you something else. A criminal warrant to examine bank accounts that originated on foreign shores cannot be executed in Switzerland as it is also forbidden by their constitution that forbids foreign judges. What you may have read in some US newspaper about the Swiss giving out info on drug dealers or money launderers' banking is hokum and pap created by the US propaganda machine to scare people from doing Swiss banking. The Swiss have not changed their laws and are not likely to. IF the Arabs used a Swiss bank to sell or buy gold to finance this latest or any acts of terrorism, then we will not get confirmation, it is as simple as that. The US cannot close Swiss banks, or Swiss accounts. It is a thin edge of a very large wedge that the Swiss will not allow. The US may and can stop the transfer of such money into or out of the US and that is it. In this the Swiss and the banker may co-operate. Switzerland is neutral, will remain so, and will also not allow dictation into how its bankers operate their banks. What people have to face is that it is unlikely bin Laden would have left tracks into any civilized system. He would have used the Black market which in gold and diamonds and dope is very well developed in Asia. Basically as one asian once told me if you live in those countries in order to survive you have to do crime. The Asian black market in gold is larger than comex and the price of gold was always 50 to 100% higher than the NY spot price. That is one way Arabs got rich. It is not easy to deal in this market as it involves physical delivery which is dangerous. So it is no sinecure. That is why they deal with the Hawal(sp) system and use a penalty of death for purposeful defection. It is their financial mafia. It exists because the finances of governments is a legend of confiscation and unreliability and their money is just so much paper. Here we are children. We allow confiscatory gov'ts set out our all our finances and allow them to set rules for banks that allow only their friends to make money. That is why business is so hard to start in the US and Canada. The gov't controls banks. It is time we started our own. EC<:-}

To: long-gone who wrote (77603)	9/28/2001 6:26:34 AM
From: E. Charters	Read Replies (1) \| Respond to of 116753

Here is a more authoritative view of this issue. As you can see, it is only a discussion amongst people about the possibility of doing this sort of thing. There are no planned sales. It would require constitutional change as the article points out and this is not planned nor likely to happen. Even this article is slightly suspect as the SNB is not a government bank, it is private. The Swiss have no federal reserve, or gov't bank as in the Bank of Canada. The SNB is national only in name as, the Royal Bank is not really "Royal" in Canada. What the article really means is that the some Swiss, not the gov't want to back the franc less with gold. This won't happen either. efd.admin.ch