This weekend there is an important event. A referendum in Switzerland that could compel the Swiss Reserve Bank to keep 20% of its reserves in gold (70% of the annual world gold production)!
As of now, it seems the referendum will not pass.
But a bit like the failed referendum of Scotland, it signals an alerting trend. While gold has been battered left right and centre, the Reserve Banks of the world (such as China, Russia and others) keep on increasing their holding.
Gold is still in downtrend, technically.
But is there something we do not know?
Again today Goldman and HSBC have been sued for price rigging in palladium. Another scandal, same people. I wonder what it takes to close shop.
investorpolitico 