Expect Attacks on Gold as the Swiss Gold Referendum Vote Approaches

So Alan Greenspan says. "Buy gold,"  (SEE:HOT Alan Greenspan Says BUY GOLD)  and the gold and silver prices come crashing down. Gold closed down today to $1199.00 per ounce a decline of $26.00(2.11%) and silver closed at $16.45 per ounce, a drop of 81 cents or 4.72%.

Is the Plunge Protection Team at work?

Former Plunge Protection member, Pippa Malmgren has publicly stated that
the PPT hates when gold goes up (SEE: BLOCKBUSTER: Former Plunge Protection Team Member on Government Manipulation of the Gold Price and Much More). I have pointed out in the EPJ Daily Alert that the PPT doesn't have enough fire power to permanently keep the prices of gold and silver down, but they can push the prices down on specific days.

Remarkably, every time there has been news that would cause one to expect a spike up in  gold and silver prices, you instead see very aggressive selling. And so again today. A former Fed chairman says buy gold, and the price gets smashed.

But the PPT is probably even more concerned about the Swiss Gold Referendum, which if passed would require the Swiss National Bank to boost its gold reserves and bring back into the country gold stored at locations outside Switzerland.

The vote on that referendum will occur on November 30.

Smaul gld reports on how the  ruling elite likely going to try every trick in the book to see to it that the referendum doesn't pass:

Don’t Under Estimate the Power of Central Banks and the Media

The initial polls show that the Save our Swiss Gold referendum has a good chance of passing when the Swiss go to the polls on November 30 this year.

The battle, however, has just begun.

Against Save Our Swiss Gold

The Swiss Parliament has already voted against the initiative and the Swiss National Bank is on record against it.

Jean-Pierre Danthine, the vice-chairman of the SNB’s governing board has stated SOSG “would severely restrict the conduct of monetary policy.” Restricting loose Swiss monetary policy is precisely the point of the initiative – to prevent the Swiss National Bank from debasing the Swiss Franc further.

Attacks on the Swiss

As November 30th draws closer, expect to see main stream media stories about the quirkiness of the Swiss portraying them as a nation of gun toting, cuckoo clock (actually a German invention) and chocolate making people.

Or worse, we will probably see stories characterizing the Swiss as a nefarious nation of rich one percenters who love hiding Nazi gold and have a long history of acting as secretive bankers to wealthy dishonest Americans to deny the U.S. government of its just tax revenues.

These stories will be designed to make the Swiss appear out of touch with mainstream modern Europe.

Attacks on the Save Our Swiss Gold Sponsors and Supporters

The Save our Swiss Gold referendum is sponsored by the SVP that also sponsored an anti immigration referendum that narrowly passed earlier this year.

Expect the propaganda to be ratcheted up as November 30th approaches and to hear the terms “right-wing,” “far right” and “racist” bandied about in the main stream media when discussing Save Our Swiss Gold, its sponsors and supporters.

If Save Our Swiss Gold passes, the SNB would have to sell billions worth of Euro assets that they bought in recent years to support the 1.2 Swiss Franc to Euro peg in order to buy gold. Such an action would have a negative impact on the Euro.

As such expect the SVP to be labelled “financial terrorists” and expect statements from other central banks regarding the “danger” that Save Our Swiss Gold presents to the entire global monetary system.

Attacks on Gold

A declining gold price will help take the wind out of the sails of the Save Our Swiss Gold initiative. A declining gold price sends a message that a shiny metal whose price is declining is not worth screwing up the entire monetary system over and validates the SNB’s decision to have sold it.

Central banks will do whatever in their power to ensure that the price of gold remains suppressed as November 30 approaches.