eik, my point was not the Swiss worrying about their gold in NY because,as we both know it isn't held there. My point is the general air of mistrust about foreign central banks vaulting one's gold, as well as the non-necessity of having gold outside national borders. Trust between Central banks is eroding. Holland follows Venezuela and Germany in its desire to repatriate and Switzerland's referendum proposals go beyond mere repatriation and encompass a view of gold as the ultimate money and thus its position in the Swiss fx reserve accounts.
If it can happen because of the NY Fed then Canada and London, which are in the financial pocket of, and subservient to the USA in terms of trade and real estate influence and geo-politics, can conceivably fail the moral hazard test as they have already done with Ukraine's political coup and the US's grab of Ukrainian gold- most of which is probably now in Amsterdam.
With regard to your second point, the potential for Switzerland selling currencies in its fx accounts to re-balance the books would be a self-inflicted wound of a type which probably has minimal probability.
However, central bankers do the weirdest and stupidest of things at times.eg Gordon Brown forcing the B of E to sell most of Britain's gold at a price bottom to help Goldman Sachs's derivative disaster.
At the moment, the Dutch repatriation of gold is a bigger talking point than the 'will they/won't they ' debate about Switzerland.
