The Swiss will head to the polls on the 30th of November to vote in a referendum on gold. The vote gives the Swiss people the power to prohibit the Swiss Central Bank from selling anymore of their gold reserves and to ensure that 20% of the Central Banks assets are held in gold.

The Swiss parliament is strongly against the vote as it would stop their ability to print money. Switzerland was the last country in the world which backed their currency by gold. The official link with gold was removed in 2000 and in the following 13 years the Central Bank sold over 50% of their gold reserves.

If the Swiss vote “yes” the Central Bank will need to spend $50 billion to bring the reserve ratio up to 20%, which equates to 1,000 tons of gold. Many doubt the Swiss Central Bank could find that amount of gold in the open market at current prices.