GOLDBUGS AMEX Goldbugs Index (GOLD)

[eik]

Just two points to consider:

1. Unlike Germany or Netherlands Switzerland basically doesn't keep any gold in USA. "Currently, the Swiss National Bank holds 70% of its gold and 20% is held with the Bank of England and 10% is held with the Bank of Canada." http://www.forbes.com/sites/kitconews/2014/10/27/switzerland-gold-referendum-a-healthy-conversation-ron-paul/

2. "Yes" vote would mean that Swiss National Bank should increase its gold reserves to 20%. This could be done in different ways: by buying more gold (which everybody expects they would do), or by selling part of Swiss currency reserve to bring the ratio of gold reserves to 20%, or both (most likely). If Switzerland starts selling its currency reserves than euro will crush, USD go up, and gold price drops.