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Swiss Pro gold campaign weakens

FXStreet (Mumbai) - At the current prices of USD 1170/Oz, gold may get a enormous boost if the Swiss pro-gold campaign triumphs on November 27.

A recent survey found support for the "Save Our Gold" camp appears to be failing. A poll released by the Swiss newspaper 20 Minuten at the end of the last week, shows that 38% of the respondents were in favor of placing restrictions on the Swiss National Bank (SNB), down from 45% in the previous week. Meanwhile, 47% of the respondents were opposed and 15% undecided.

Moreover, a successful pro-gold campaign shall force the SNB to buy roughly 1,500 tonnes on the open market. Currently, the bank has 1,040 tons of gold, with roughly 70% stored in Switzerland, 20% at the Bank of England and 10% at the Canadian central bank.

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