Switzerland is soon to examine re-linking the chf to gold from initiatives by the SVP party. Switzerland lost her gold backed chf in may 2000 following a very close referendum on the issue. This allowed the Swiss banks to expand very rapidly after this date. Swiss banks have lent across the world thereafter creating chf loans as well as euro loans  through their banking franchises. This has created a new role for the Swiss Banks in the world economy. It is a significant shift from the old ‘custodian’ Swiss bank model. The Swiss banks are now active speculator/players in world debt markets with the upside and downside implications this brings. The Swiss banks have been big winners from the sovereign bond bailouts as well as fed and ecb cash for asset programs.

http://www.marketwatch.com/story/swiss-parliament-to-discuss-gold-franc-2011-07-07

Greece follows many economies to play catch up on the commodities and pm mining trends.

http://uk.reuters.com/article/2011/07/08/european-goldfields-permit-idUKATH00623920110708

 

 

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