Gold collapsing. Bitcoin UP.

[solex]

Back to the gold topic.

There is a referendum in Switzerland, in November, which is likely to secure a yes vote that the SNB holds 20% of its assets in gold (currently at 7.6%). As soon as this passes the bank will have five years to reach the 20% target. There is no legal escape for it. Considering that the SNB balance sheet has recently blown out Fed/BoE/BoJ-style - it will have to buy up to 1,700 tons of gold in the open market - and take delivery!

http://www.zerohedge.com/news/2014-10-28/things-make-you-go-hmmm-swiss-gold-status-quo-showdown

I really think this will put a floor under the current gold price, and maybe even spark another medium-term rally.

Will be interesting to watch the weasels at the SNB try to wriggle out of it ... after the shit they pulled with the EUR peg anything is possible.

Shit is being pulled again! Seems like this...

 ...On the top floor of PayPal HQ the legendary Black Phone is ringing...
 Nervously the execs crowd around until one of them summons enough courage to pick up the receiver.
 There are no pleasantries, a voice just hisses: "Remember Wikileaks? Now its the Swiss Gold Initiative"
 Drrrrrrrrr. The caller has hung up, the unseen world bankster network hath spoken.

https://goldswitzerland.com/swiss-gold-initiative-2014/

On Wednesday, October 29, we have received notification from PayPal that they can no longer receive donations on behalf of Matterhorn Asset Management AG. The reason is that we are not a formally registered charity in Switzerland and that we must seek a different approach to raising funds for this extremely important Initiative campaign. During the past two weeks we have received donations from various parts of the world and many from the United States of America. We and the Initiative Committee, chaired by Luzi Stamm of the Swiss National Parliament, are extremely greatful for the contributions that we have received to date and this setback will not stop our effort and our commitment to go through with the Social media promotional campaign that will in fact start on November 1 in Switzerland.

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[smooth]

I've been seeing discussion in a number of places how BTC has been highly correlated with gold. True or not, the idea is gaining some currency.

Does the premise of this thread no longer hold? Will it return?

[marcus_of_augustus]

Back to the gold topic.

There is a referendum in Switzerland, in November, which is likely to secure a yes vote that the SNB holds 20% of its assets in gold (currently at 7.6%). As soon as this passes the bank will have five years to reach the 20% target. There is no legal escape for it. Considering that the SNB balance sheet has recently blown out Fed/BoE/BoJ-style - it will have to buy up to 1,700 tons of gold in the open market - and take delivery!

http://www.zerohedge.com/news/2014-10-28/things-make-you-go-hmmm-swiss-gold-status-quo-showdown

I really think this will put a floor under the current gold price, and maybe even spark another medium-term rally.

Will be interesting to watch the weasels at the SNB try to wriggle out of it ... after the shit they pulled with the EUR peg anything is possible.

Shit is being pulled again! Seems like this...

 ...On the top floor of PayPal HQ the legendary Black Phone is ringing...
 Nervously the execs crowd around until one of them summons enough courage to pick up the receiver.
 There are no pleasantries, a voice just hisses: "Remember Wikileaks? Now its the Swiss Gold Initiative"
 Drrrrrrrrr. The caller has hung up, the unseen world bankster network hath spoken.

https://goldswitzerland.com/swiss-gold-initiative-2014/

On Wednesday, October 29, we have received notification from PayPal that they can no longer receive donations on behalf of Matterhorn Asset Management AG. The reason is that we are not a formally registered charity in Switzerland and that we must seek a different approach to raising funds for this extremely important Initiative campaign. During the past two weeks we have received donations from various parts of the world and many from the United States of America. We and the Initiative Committee, chaired by Luzi Stamm of the Swiss National Parliament, are extremely greatful for the contributions that we have received to date and this setback will not stop our effort and our commitment to go through with the Social media promotional campaign that will in fact start on November 1 in Switzerland.

what BS but ... bitcoin to the rescue!

This could make for some great publicity for both bitcoin and the Swiss Gold initiative.

[explorer]

I wonder how much of a stretch it would be for the Swiss to achieve 20% gold holdings.  Do I recall correctly that they have ~7% at this time? If they just bide their time, it will probably come about organically, as gold goes up and the worthless paper becomes more... Worthless.

Meanwhile,  gold drops to 1175 

[marcus_of_augustus]

I wonder how much of a stretch it would be for the Swiss to achieve 20% gold holdings.  Do I recall correctly that they have ~7% at this time? If they just bide their time, it will probably come about organically, as gold goes up and the worthless paper becomes more... Worthless.

Meanwhile,  gold drops to 1175 

It's going to be an issue for them because while protecting their EUR peg (by selling CHF) they have managed to amass a huge war-chest of foreign assets on the order of $500 billion ... so now 20% of foreign holdings is goinng to be quite some gold ... unless they buy back those CHF or try some slippery accounting tricks like recategorisation of assets foreign versus domestic, etc.

[BlindMayorBitcorn]

Gold cracked 1180. This is big!

[Wekkel]

Gold cracked 1180. This is big!

It means nothing if you stop measuring gold in USD. There is no final line in the sand.

[cypherdoc]

Gold collapsing. Bitcoin being assaulted by SC"s. 

[Thomas-s]

Gold cracked 1180. This is big!

It means nothing if you stop measuring gold in USD. There is no final line in the sand.

It's extremely bad for Bitcoin.
Bitcoin went to 275 when gold went to 1190.

[devphp]

Smells like the infamous "blood-in-the-street" time begins.

[DeadCoin]

Gold is in a bear market, what did you guys expect? 1180 was bound to be broken sooner or later. It's going sub $1000 soon, $600-$800 is very likely within next 2 years.

[cypherdoc]

Smells like the infamous "blood-in-the-street" time begins.

It's much worse than that for Gold as money.

The GDX & GDXJ are signaling much more down side.

If only Bitcoin could shed its techno communists.

[cbeast]

If there's blood, then the sharks will be coming. Wall Street pressure to approve the ETF, perhaps?

[NotLambchop]

... techno communists.

[wachtwoord]

... techno communists.

Yeah the term is really funny

[cypherdoc]

... techno communists.

Yeah the term is really funny

I can't take credit for it. Got it from JR. Although quite appropriate.

And for once, i like the picture Lamb chop!

[justusranvier]

Back to the gold topic.

There is a referendum in Switzerland, in November, which is likely to secure a yes vote that the SNB holds 20% of its assets in gold (currently at 7.6%). As soon as this passes the bank will have five years to reach the 20% target. There is no legal escape for it. Considering that the SNB balance sheet has recently blown out Fed/BoE/BoJ-style - it will have to buy up to 1,700 tons of gold in the open market - and take delivery!

http://www.zerohedge.com/news/2014-10-28/things-make-you-go-hmmm-swiss-gold-status-quo-showdown

I really think this will put a floor under the current gold price, and maybe even spark another medium-term rally.

Will be interesting to watch the weasels at the SNB try to wriggle out of it ... after the shit they pulled with the EUR peg anything is possible.

Shit is being pulled again! Seems like this...

 ...On the top floor of PayPal HQ the legendary Black Phone is ringing...
 Nervously the execs crowd around until one of them summons enough courage to pick up the receiver.
 There are no pleasantries, a voice just hisses: "Remember Wikileaks? Now its the Swiss Gold Initiative"
 Drrrrrrrrr. The caller has hung up, the unseen world bankster network hath spoken.

https://goldswitzerland.com/swiss-gold-initiative-2014/

On Wednesday, October 29, we have received notification from PayPal that they can no longer receive donations on behalf of Matterhorn Asset Management AG. The reason is that we are not a formally registered charity in Switzerland and that we must seek a different approach to raising funds for this extremely important Initiative campaign. During the past two weeks we have received donations from various parts of the world and many from the United States of America. We and the Initiative Committee, chaired by Luzi Stamm of the Swiss National Parliament, are extremely greatful for the contributions that we have received to date and this setback will not stop our effort and our commitment to go through with the Social media promotional campaign that will in fact start on November 1 in Switzerland.

Anyone else get the feeling they might not keep the powder keg from blowing this time around?

[cypherdoc]

flat out, no holds barred, sell signal.  gold breaks the intermed term, multi month descending triangle to the downside on high volume.

imo, once again, this will be good for Bitcoin.  just be patient!:

[conspirosphere.tk]

imo, once again, this will be good for Bitcoin.  just be patient!:

I hope so, but to me they seem more positively correlated than not.

[cypherdoc]

oh Lordy:





and i weep.  but i can't complain having made plenty on the last ramp of these 2: