Saturday, November 8, 2014

Gold / Silver and PM November 8 , 2014 report - Tweets linking to Ed Steer's Saturday report ( excellent ) , great commentaries from Jesse's Americain Cafe ) and fantastic GATA items of note !

Zero  Hedge








Tyler Durden's picture

China Aims For Official Gold Reserves At 8500 Tonnes


"China should accumulate 8,500 tonnes in official gold reserves - more than the US... Gold is money par excellence in all circumstances and will help support the renminbi to become an international currency as gold forms the very material basis for modern fiat currencies"











What The Swiss Gold Referendum Means For Gold Demand

Tyler Durden's picture





The referendum for the Swiss Gold Initiative is scheduled for November 30th and the propaganda war - between the Swiss National Bank (SNB) and the Swiss Parliament on one side and the Swiss People's Party (SVP) on the other - has begun and we expect it to escalate as the day draws ever nearer. Having already questioned the 'location, location, location' of Switzerland's current gold stash, and examined the initiative in great depth here, JPMorgan notes that not only might the forthcoming Swiss gold referendum stabilize gold prices at a time when Gold ETF demand continues to decline, but warns, it also appears that markets under-appreciate this event.

As JPMorgan explains,
Gold ETF flows continued to bleed losing $4bn or 6% of AUM cumulatively since the end of August.

Gold Miners ETFs, which have held up relative well up until recently also suffered over the past two weeks (Figure 7).

The downtrend in Gold ETF flows represents a headwind for gold in the face of subdued physical demand recently.
The latest data from China Gold Association, reported physical gold demand by Chinese investors of only 185 tonnes in Q3, down from 246 in Q2 and 322 in Q1.
While Chinese physical demand remains subdued...
[ZH - a point we note is very much in the eye of the newspaper holder]

Who do you choose to believe?

h/t @sobata416


*  *  *
The forthcoming Swiss gold referendum could stabilize gold pricesat a time when Gold ETF demand continues to decline.
It also appears that markets under appreciate this event.

If the referendum is passed, the Swiss National Bank (SNB) will be forced to increase reserves by around 1,500 tonnes over five years, i.e. 300 tonnes per year.

This 300 tonnes per year accounts for 7.5% of annual gold demand of 4,000 tonnes per year.
*  *  *
As Grant Williams noted previously, with the establishment being unable to actively campaign AGAINST the Initiative, all has been quiet for many months; but with the dawning awareness that this little campaign might actually grow some legs, a few members of that establishment have been getting a little antsy...
(Centralbanking.com): ...Now, with less than two months until the vote, the central bank is intensifying its communication. It opened a “dossier” on its website yesterday where it will post materials outlining why it “reject[s] the initiative”.

“Monetary policy transactions directly change our balance sheet. Restrictions on the composition of the balance sheet therefore restrict our monetary policy options,” [SNB Vice-chairman Jean-Pierre] Danthine explained.

“A telling example is our decision to implement the exchange rate floor vis-à-vis the euro... with the initiative’s legal limitation in place, we would have been forced during our defence of the minimum exchange rate not only to buy euros but also to buy gold in large quantities.

 “Our defence of the minimum exchange rate would thus have involved huge costs, which would almost certainly have caused foreign exchange markets to doubt our resolve to enforce the rate by all means.”
Sometimes I think these people are completely delusional.
So, let me get this straight: gold is a relic which restricts your ability to do such vital things as... oh, I dunno, promise to print unlimited amounts of your currency in order to peg it to another, failing currency and thereby debase it by 9% in 15 minutes? Or it might mean the market doesn’t have complete faith that you might be completely relied upon to do really smart things like that?
Disaster!
Somebody. Please? Make it stop.
The Swiss establishment has been reliant upon the public’s ignorance in these matters, but now they are up against a formidable opponent in Egon von Greyerz. Not only that, but they can clearly see that, as elsewhere around the world, the public is fast becoming disenchanted with the status quo; and that is potentially very dangerous for these people.
What is important to understand here is that if the initiative passes it will be part of the Swiss constitution IMMEDIATELY — not in two years, as many blogs and websites are suggesting. This means that the government and parliament cannot touch it. Only another referendum can change it. This is proper democracy for you.
The closer we get to the vote on November 30, the bigger this story is going to become, and the bigger it becomes, the higher the chance that the yes vote wins.
Should that happen, it will undoubtedly set off alarm bells throughout the gold market, as yet more physical gold will need to be repatriated and another sizeable, price-insensitive buyer will enter the marketplace.









http://www.zerohedge.com/news/2014-11-09/another-conspiracy-theory-bites-dust-ubs-settles-over-gold-rigging-many-more-banks-f


Another "Conspiracy Theory" Bites The Dust: UBS Settles Over Gold Rigging, Many More Banks To Follow

Tyler Durden's picture




Remember when everyone decried wholesale Libor manipulation as a crazy conspiracy theory (Zero Hedge: January 2009: "This Makes No Sense: LIBOR By Bank") because after all, it was impossible for so many people to keep their mouth shut or whatever the generic justification is for disproving such "conspiracy theories"? Why, none other than ICAP chief Michael Spencer says they all though Libor was "unmanipulable." As it turns out, not only is Libor manipulable(sic), and a vast rate-rigging "conspiracy theory" is quite possible when everyone's interests are aligned, but it also was massively profitable.
Then it was the turn of the even more massive, multi-trillion FX market, when first UBS squealed like a pig and soon ratted out every other bank in the criminal "Cartel" (or was it "Bandits"?) syndicate (see: "Meet The (First) Seven Banks Who Rigged The FX Market"). End result: banks such as JPM, Citi and BofA forced to review their criminal ways and adjusting their third quarter results a month into Q4. Many more legal fees, charges and settlement coming however for those who lost money on the other side of such long-running manipulation, please accept our condolences: you won't see a penny.
And finally, there was the precious metals market: a market which all the Keynesian fanatic paper bugs said was immune from manipulation, be it of the central or commercial bank kind, even with every other market clearly exposed for perpetual rigging either by hedge funds, by prop desks, by HFTs, or central banks themselves.
Sadly this too conspiracy theory just was crushed into the reality of conspiracy fact, when moments ago the FT reported that alongside admissions of rigging every other market, UBS - always the proverbial first rat in the coal mine, to mix and match metaphors- is about to "settle" allegations of gold and silver rigging. In other words: it admits it had rigged the gold and silver markets, without of course "admitting or denying" it did so.
UBS is to settle allegations of misconduct at its precious metals trading business alongside a planned agreement between UK and US authorities and seven banks over accusations of foreign exchange market rigging.

* * *
UBS is expected to strike a settlement over alleged trader misbehaviour at its precious metals desks with at least one authority as part of a group deal over forex with multiple regulators this week, two people close to the situation said. They cautioned that the timing of a precious metals deal could still slip to a date after the forex agreement.

Regulators around the world have alleged that traders at a number of banks have colluded and shared information about client orders to manipulate prices in the $5.3tn-a-day forex market. UBS has previously disclosed that it launched an internal probe of its precious metals business in addition to its forex investigation. It declined to comment for this article.

Unlike at other banks, UBS’s precious metals and forex businesses are closely integrated. The business units have joint management and the bank’s precious metals staff – who mainly trade gold and silver – sit on the same floor as the forex traders.

One person familiar with UBS’s internal probe said the bank found a small number of potentially problematic incidents at its precious metals desk.
"Potentially problematic incidents"? One must give props to the FT for always finding just the right amount of politically correct lipstick to cover up what was market manipulation, pure and simple, which continued for years and years, even as the same FT routinely mocked everyone who alleged otherwise.
****









The US Government Doesn’t Want You To Know There’s A Run On Silver Bullion

Sprout Money's picture




Silver Eagle
It looks like the entire world is spitting out gold and silver as an investment or hedge, as the prices of both precious metals were tumbling in the past few weeks. Well, at least the demand for gold and silver ‘paper’ isn’t anymore what it used to be, but the demand for physical silver is really booming.
Reports have reached us from Germany that the demand for silver is really surging, and this is an interesting sentiment meter because Germany usually acts as one of the main distribution centers for the European Union. Several large bullion dealers have seen the demand for silver increase, and in just the next few days after last week’s crash, almost all dealers sold as many silver coins in just three days as they usually do in an entire month.
Now you can try to dismiss this easily by saying that the Germans and the rest of the European Union are simply preparing for an upcoming implosion of the Eurozone, but that couldn’t be further from the truth. The US Mint recently had to announce that there were no more silver Eagles in inventory, and that it would have to suspend deliveries for new orders. This announcement hasn’t been made public (why not, US Mint? Are you trying to keep the people dumb?) but was only sent to larger bullion dealers in the USA.
US Mint Silver Sales
Source: US Mint
So did the US Mint miscalculate its production rate or was there effectively a surge in demand? Well, the previous image proves it’s the latter. The sales number of Silver Eagles in October almost TRIPLED from the August level and in just the first few days of November (there were only 3 trading days before the US Mint ran out of coins), another 1.26 million ounces were sold, and this brings the total year to date at 39.3M (and it’s quite certain last year’s sale number of 42.675M will be surpassed). We see the same demand increase in gold (see the next image), as the Mint sold more gold in October alone than in July and August combined. And here again, in just the first few days in November, the Mint already sold more gold than in several previous months and it looks like November will end on the second place in terms of demand per month.
Gold Coin Demand US Mint
Source: US Mint
A cheap argument would be that it’s the Europeans who are accelerating their purchases of Silver Eagles. That’s incorrect, as people usually buy silver Maple Leafs and Australian coins and not as much Silver Eagles which have a higher premium over the pure silver value. So this demand for the Silver Eagles (and renewed demand for the Gold Eagle coins) is coming from the USA itself and NOT from foreign demand.
All signs are indicating that both in Europe as in the USA (not so much in Australia, which – despite the big mining sector- isn’t in a bad shape from an economic point of view) the demand for precious metals coins is surging. It’s not surprising the US Mint has ran out of inventory, but instead of announcing it in a press release, it sent a secret note to the bullion dealers. As the US Mint is a government institution, it should really be no surprise the government doesn’t want you to know there a rush to get your hands on gold and silver.







Tweets......



1 hour ag








Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Short Squeez...





Jesse's Café Américain: A Tale of Two Markets: Gold Market Manipulation in...




. Américain: Gold Daily & Silver Weekly Chart - Big money and government are in a corrupt partnership

Gata..... absolutely vital links to read and understand !



UBS to settle allegations over precious metals trading


 Section: 
Daniel Schäfer and James Shotter
Financial Times, London
Sunday, November 9, 2014
UBS is to settle allegations of misconduct at its precious metals trading business alongside a planned agreement between UK and US authorities and seven banks over accusations of foreign exchange market rigging.
The Swiss lender is one of a group of banks including Barclays, Citigroup, HSBC, JPMorgan, and Royal Bank of Scotland that are set to announce an agreement of at least L1.5 billion on Wednesday to settle forex rigging allegations with the UK's Financial Conduct Authority.
*****





Fraser Murrell: Permanent gold backwardation means a worldwide financial meltdown

 Section: 
11:20a ET Sunday, November 9, 2014
Dear Friend of GATA and Gold:
Australian scholar Fraser Murrell, a mathmetician and former stockbroker, argues today in commentary posted at MineWeb that, as the economist Antal Fekete has written, permanent backwardation in gold is the great threat to the world financial system, at least as it is now constituted as a fiat money system.
"Sooner or later," Murrell writes, "the bullion banks and governments will run out of ammunition and they will be forced to step back and allow the market to do its thing. Which is to repeat the 1970s -- the worst of all economic outcomes -- stagflation. Unfortunately, this is the consequence of all the money printing, and while it can be delayed it cannot be stopped. The gold price will eventually peak in the tens of thousands of dollars and unless the bullion banks unwind their short positions, they will either default or go bankrupt."
Murrell's commentary is headlined "Permanent Gold Backwardation = Global Meltdown Ahead" and it's posted at MineWeb here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


Chinese and Canadian central banks agree to $30 billion currency swap

 Section: 
By Andrea Hopkins
Reuters
Saturday, November 8, 2014
BEIJING -- The central banks of China and Canada have agreed to a currency swap worth 200 billion yuan ($32.67 billion) or C$30 billion, according to a Canadian government statement issued at a meeting of Asia Pacific nations on Saturday.
The swap will be effective for three years, according to a separate statement from China's central bank. The agreement was announced after Canadian Prime Minister Stephen Harper met Chinese Premier Li Keqiang.
China's central bank, the People's Bank of China, will also appoint a clearing bank in Canada for yuan -- or renminbi, as the currency is also called -- as part of a memorandum of understanding, the statement said. It did not say which bank would be appointed as the clearing bank, but it is likely to be one of China's four largest banks. ...
... For the remainder of the report:



Ronan Manly: Why doesn't the World Gold Council care about 

Switzerland anymore?


 Section: 
By Ronan Manly
Saturday, November 8, 2014
GATA's dispatch of a Bloomberg News story November 5, "World Gold Council Has Nothing to Say about Swiss Gold Referendum" --
-- reminded me that there was a time when the council would publish detailed analysis on topics relevant to Switzerland's gold reserves. This time covered at least from May 1997 to May 2000, prior to Switzerland's infamous gold sales.
These World Gold Council publications were frequent and often questioned the motives and purposes of the Swiss National Bank and Switzerland's federal government, while taking an independent stance representing the global gold industry. Here are five examples:

1. In-depth analysis on potential Swiss gold sales, published by the World Gold Council in May 1997 as part of its quarterly Gold Demand Trends letter. Two pages of analysis titled "What Swiss Gold Rush?" can be found on Pages 16 and 17.
2. Analysis titled "Swiss Gold Policy" issued by the World Gold Council's "Centre for Public Policy Studies" on May 28, 1998, in reaction to statements made the previous day by the Swiss Finance Ministry about plans for constitutional changes involving the Swiss National Bank and their impact on Switzerland's gold reserves, including sections on the independence of the bank, the bank's mandate, and analysis of gold reserves.
3. "The Swiss National Bank and Proposed Gold Sales," Research Study No. 21, published by the World Gold Council in October 1998. This provided detailed analysis of everything concerning the Swiss National Bank's and the Swiss federal government's proposed gold sales.
The report was written by an academic, Mark Duckenfield, on behalf of the World Gold Council's Centre for Public Policy Studies and was introduced by Robert Pringle, who was head of the Centre for Public Policy Studies. Pringle is the founder and chairman of Central Banking Publications and is well known in the world of central bank gold.
4. A review by the World Gold Council titled "The Washington Central Banks Agreement on Gold," published September 26, 1999, immediately after announcement of the Washington agreement. This review includes analysis of the agreement's impact on Switzerland's gold reserves.
5. An extensive question-and-answer brochure titled "20 Questions About Switzerland's Gold (with Answers by the World Gold Council)" written by the council in June 2000 pursuant to the October 1998 report "The Swiss National Bank and Proposed Gold Sales" and released soon after the Swiss National Bank had started its gold sales in May 2000. Access requires free registration.
The World Gold Council was born in Switzerland and has its roots there. Its headquarters was in Geneva until it moved to London in 1999. The council was established as a verein in Switzerland and is still registered with the Swiss Registre Du Commerce. Notably, the council is registered in England and Wales as an "overseas company."
So not so long ago the World Gold Council did care about Switzerland and the Swiss people's gold reserves.
But with the council's continued silence on the Swiss Gold Initiative, unfortunately that caring seems to have passed. Whether this change results from the council's move to London and its alignment with the London gold market or from the council's opening offices worldwide, only the council itself can answer.
The late Swiss gold advocate and banker Ferdinand Lips seems to have been prophetic about what was to become of the World Gold Council when in an interview in 2004 he rebuked it while incidentally complimenting GATA. Lips said:
"GATA is accomplishing outstanding work by daily informing the investment public about the manipulation of all markets, especially the gold and silver markets. More, they are bringing out many interesting articles and information. To inform about the gold market actually would be the job of the World Gold Council . But this organization fails completely. ... GATA should be institutionalized and take over the work of the World Gold Council. My opinion is that the World Gold Council is worthless and even works against the interests of the gold-mining industry."
In 2005, shortly before Lips died, his business partner J.P. Schumacher delivered a speech for him, saying:
"It can only be in the interest of mining people to support GATA. Actually the defense of the mining industry was the job of the World Gold Council. But they failed. That is one of the strangest organizations I ever met. In any case the World Gold Council is not the friend of the gold-mining industry."
With just three weeks until the potentially historic Swiss Gold Initiative referendum on November 30, it remains to be seen whether the World Gold Council in London or the gold-mining companies that it claims to represent will stir from their stupor and even comment in any way on an issue that a mere 15 years ago would have had the council devoting significant resources for analysis, comment, and shaping the debate.
Without such commentary from the World Gold Council, it is becoming increasingly difficult to accept its claims that it provides "research and thought leadership" and "communication" on the gold market and that it would "inform and shape future gold markets."



At KWN, Bill Kaye outlines the likely course of a short squeeze in gold



 Section: 
2p ET Friday, November 7, 2014
Dear Friend of GATA and Gold:
Interviewed by King World News, Hong Kong fund manager William Kaye describes what might happen with a short squeeze in the gold market if supplies of metal got tight enough. It makes sense provided that the U.S. Federal Reserve or Treasury Department would not avert the squeeze by lending or swapping into the market whatever is left of the foreign custodial gold vaulted at the Federal Reserve Bank of New York.
There's a reason the New York Fed does not charge rent to foreign governments that vault their gold there -- it's so that the U.S. government might control the disposition of their gold and apply it wherever U.S. interests might best be served.
Kaye's interview is posted at the KWN blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



TF Metals Report: Are we getting close?



 Section: 
11:10a ET Friday, November 7, 2014
Dear Friend of GATA and Gold:
Gold interest rates signify extreme tightness in the gold market, the TF Metals Report's Turd Ferguson writes today, arguing that the break between prices for physical and paper is coming soon. Ferguson's commentary is headlined "Are We Getting Close?" and it's posted at the TF Metals Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


Koos Jansen: Europe and China are contemplating a new financial system



 Section: 
9:45p ET Thursday, November 6, 2014
Dear Friend of GATA and Gold:
Bullion Star's market analyst and GATA consultant Koos Jansen today itemizes some European and Chinese government statements signifying that a new world financial system is in the works. Jansen's commentary is headlined "Beijing Forum: New Global Financial Order Is Essential" and it's posted at Bullion Star's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



If the London gold fix may have harmed you, contact Berger & Montague soon



 Section: 
8:53p Thursday, November 6, 2014
Dear Friend of GATA and Gold:
If you traded gold or gold futures or options in the last decade and feel that you were injured by the manipulation of the London gold fix, you may have some recourse.
In July a judge in U.S. District Court in New York appointed Berger & Montague of Philadelphia and Quinn Emanuel Urquhart & Sullivan of New York, two major law firms, to lead an anti-trust lawsuit against the London gold-fixing banks.
Berger & Montague was of counsel to GATA some years ago and a press release about the firm's appointment is posted at the law firm's Internet site here:
More information about the case, including the text of the lawsuit, is posted at the law firm's Internet site here:




Chinese gold buying means price floor to Standard Chartered



 Section: 
By Debarati Roy and Nicholas Larkin
Bloomberg News
Thursday, November 6, 2014
The cheapest gold in four years is proving irresistible for shoppers in China and India, where rebounding demand may signal an end to the longest price slump in more than a decade.
Purchases in Asia will help support prices that are headed for the first two-year decline since 2000, Standard Chartered Plc said. While surging equities and tame inflation have eroded gold's appeal as a hedge, sending bullion tumbling to $1,137.94 an ounce this week, prices are nearing the lows forecast by banks from Citigroup Inc. to Goldman Sachs Group Inc.
China supplanted India as the world's largest buyer last year, when the metal plunged 28 percent. Jewelry and bullion are viewed in both countries as a store of value and are popular as gifts. China's gold imports from Hong Kong in September were the highest in five months. Indian jewelers are forecasting a surge in fourth-quarter sales.
"There is a floor around $1,100 set by Chinese retail demand," Paul Horsnell, head of commodities research at Standard Chartered in London, said by e-mail on Nov. 5. "Physical demand indicators out of China and India are firming." ...
... For the remainder of the report:



Gold, silver in backwardation as a result of BIS paper dumping, Kaye tells KWN



 Section: 
4:35p ET Wednesday, November 5, 2014
Dear Friend of GATA and Gold:
Gold and silver are in backwardation, Hong Kong fund manager William Kaye today tells King World News, which is "typical of what you see when there is overt manipulation." Kaye attributes the situation to "an awful lot of paper gold intentionally dumped in a programmed algorithm ... most likely by the Bank for International Settlements." An excerpt from the interview is posted at the KWN blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



Price tumble prompts scramble for silver coins and bars



 Section: 
Silver Lining in Precious Metals' Rout Catches Out Coin Mints
By A. Anathalakshmi
Reuters
Wednesday, November 5, 2014
A tumble in silver prices to four-year lows has triggered a global scramble by consumers to purchase silver coins and bars as the metal has reached its cheapest level relative to gold in more than five years.
Retailers and distributors in Asia and the United States said they were struggling to get supplies of items such as Canadian Maple Leaf silver coins. ...
... For the remainder of the report:



U.S. Mint temporarily sold out of silver eagles amid huge demand



 Section: 
By Frank Tang
Reuters
Wednesday, November 5, 2014
The U.S. Mint said on Wednesday it has temporarily sold out of its American Eagle silver bullion coins following "tremendous" demand in the past several weeks.
In a statement sent to its biggest U.S. coin wholesalers, the U.S. Mint says it will continue to produce 2014-dated coins. The Mint will advise when additional inventory will become available for sale but did not provide further details.
The announcement has not been made available to the public, but a U.S. Mint spokesman confirmed that it has sent the statement to its authorized participants. ...
... For the remainder of the report:



Plunging gold price has mining companies selling at a loss



 Section: 
Anybody heard a peep from the World Gold Council, or from the miners themselves?
* * *
Plunging Gold Price Has Mining Companies Selling at Loss
By Liezel Hill and Kevin Crowley
Bloomberg News
Wednesday, November 5, 2014
The latest decline in the price of gold is saddling higher-cost producers with losses on every ounce mined, and pushing others to the brink of slipping into the red.
Gold fell to a four-year low of $1,143.76 an ounce today, below production costs for six of 19 mining companies tracked by Bloomberg Intelligence, including Harmony Gold Mining Co., South Africa's third-largest producer, and Primero Mining Corp. Three more producers are within $50 of the figure.
"What's developing is almost a two-tier type of market," said John Ing, chief executive officer at brokerage Maison Placements Canada Inc., speaking by phone. One tier has companies with good assets and lower costs, while the other comprises producers "who are saddled with high-cost operations" and stretched balance sheets. ...
... For the remainder of the report:



Is that where all that gold going into China is coming from?



 Section: 
No. 1 Gold ETF Sees Biggest Monthly Outflow This Year in October
By Jan Harvey
Reuters
Monday, November 3, 2014
LONDON -- The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Shares, saw an outflow of over $1 billion of metal last month as investors lightened holdings in anticipation of a further price drop from current four-year lows.
Data from the GLD fund showed on Monday that its holdings slid to their lowest in six years after an outflow of 28.7 tonnes in October, their biggest of any month this year. ...
... For the remainder of the report:



GoldCore details Swiss National Bank's dissembling about gold reserves



 Section: 
2:05p ET Monday, November 3, 2014
Dear Friend of GATA and Gold:
The Swiss National Bank's evasiveness and dissembling about the location and disposition of Switzerland's gold reserves is explored in detail in GoldCore's daily gold market commentary, written today by Ronan Manley:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



Chinese gold demand insatiable, Jansen reports; in Germany, a run on silver



 Section: 
7:50a ET Monday, November 3, 2014
Dear Friend of GATA and Gold:
Chinese gold demand continues to be huge, insatiable, and largely ignored or underestimated by the Western financial news media, Bullion Star market analyst and GATA consultant Koos Jansen reports today:
And the Goldreporter Internet site in Germany reports today that there is a run on silver coins in that country:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



Support for Swiss gold referendum falls in latest poll



 Section: 
From Reuters
via the Daily Mail, London
Friday, October 31, 2014
ZURICH, Switzerland -- Support for a proposal to prohibit the Swiss National Bank from selling any of its gold reserves has waned, according to a poll published on Friday by the free Swiss newspaper 20 Minuten. ...
The poll showed 38 percent of respondents were in favour of the initiative, down from support of 45 percent in a poll in the paper last week. Some 47 percent of those survey opposed the proposals, while 15 percent remained undecided.
The authors of Friday's poll said the survey was conducted online on Oct. 27 with 12,491 voters. Results were then weighted by voter demographics, geography, and other political variables in order to better represent the Swiss voting population.
Still, the method of polling is seen as less reliable than that of Berne-based research and polling institute gfs.bern, which published a survey last Friday showing the gold initiative had the support of 44 percent of the public. ...
... For the remainder of the report: