In yesterday’s Swiss gold referendum, roughly 78% voted against expanding central bank gold reserves to 20% of central bank assets from the current 7%, according to Swiss national broadcaster SRF.
The vote is a blow to the “Save Our Swiss Gold” campaign that had the hopes of moving Switzerland back toward a gold standard which the country left in 1999. Since then, there has been no requirement for the country’s currency to be backed by gold and as a result central bank gold reserves have waned considerably.
Indian gold bullion had the largest decline on Friday, November 28, dropping 3.2% and landing at INR 26,140 ($422.72) per 10 grams. At JPY 4,500 ($38.19) per gram, Japanese gold bullion fell 0.8% last Friday. Chinese gold bullion ended the day at CNY 234.72 ($38.23) per gram, after the 0.5% drop last Friday. At $1,198 per ounce, the price of US gold bullion was essentially unchanged.
Chinese silver prices declined 2.3%, settling at CNY 3,440 ($560.27) per kilogram. For the fifth day since Monday, November 24, the drop-off has accelerated. The price of Japanese silver closed at JPY 619.00 ($5.25) per 10 grams. Following a couple days of improvement, prices fell by 1.0%. Indian silver prices saw a 0.9% decline to INR 37,037 ($598.94) per kilogram. The price of US silver remained steady at $16.54 per ounce.
Weakening prices followed two days of improvement as the price of Chinese platinum bar dropped 1.2% to CNY 255.00 ($41.53) per gram. Japanese platinum bar ended the day at JPY 4,609 ($39.11) per gram, after the 0.2% drop last Friday. Following a two-day rise, the price of US platinum bar flattened at $1,226.
After a 1.2% increase, Japanese palladium bar finished the day at JPY 3,045 ($25.84) per gram. The price of US palladium bar held steady at $800.00 per ounce. Chinese palladium bar saw little change in its price last Friday at CNY 176.00 ($28.67) per gram.