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In Decembers 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 cant 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. 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 didnt want to adopt the euro, but now theyve 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 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 wont 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, theres a chance that golds low price on Sunday could end up being golds bottom. 11:55 SchiffGold has a limited-time special on 1-ounce silver bars for 79¢ over spot. Get Peter Schiffs latest gold market analysis click here for a free subscription to his exclusive monthly Gold Videocast.
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