Switzerland Launches Referendum To Stop SNB Lunacy, Save Swiss Gold

``In Switzerland, a referendum is serious business. Direct democracy. Memorable votes include the 1992 decision to stay out of the EU, or the (defeated) referendum to abolish the Swiss Army (1989, 2001). The initiative could complicate the SNB's dream to manipulate the EUR/CHF exchange rate. As FX interventions blow up its balance sheet the SNB could be forced to purchase large quantities of gold to adhere to the above mentioned 20% gold ratio.''