Mark O'Byrne | May 22, 2012 08:15AM ET
A Swiss-parliament panel is discussing, today, the introduction of a parallel ‘gold-franc’ currency.
The panel will discuss a proposal aimed at introducing a new currency known as the 'gold franc'. Under the proposal, which will be debated in the lower house’s economic panel in Bern, one gold coin would be worth about 5 Swiss francs ($5.30), according to published reports, which said the Swiss franc would remain the official currency.
The proposal may lead to a wider debate about the Swiss franc and the role gold might again play to protect the Swiss currency from debasement.
The initiative is part of the “Healthy Currency” campaign, which is being promoted by the country’s biggest party -- the conservative Swiss People’s Party (SVP).
OTHER NEWS
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(Bloomberg) -- Platinum may rise above $2,000 an ounce. Merrill
Platinum may rise above $2,000 an ounce by 2014 once the global economy stabilizes, Bank of America Merrill Lynch said.
Miners in South Africa, which accounts for 79% of world supply, are not profitable, Michael Widmer, an analyst at the bank, said in an e-mailed report today.
(Bloomberg) -- Japan; Fitch downgrades Japan to A+; Outlook Negative.
(Bloomberg) -- U.S. Mint Silver Coin Sales in May Exceed April Total
The U.S. Mint’s sales of American Eagle silver coins have reached 1.54 million ounces so far in May, according to figures from the Mint’s website. That tops April’s sales of 1.52 million.
(Bloomberg) -- Economist Dennis Gartman Says He’s Buying More Gold in Euros. Economist Dennis Gartman is adding to his gold holdings priced in euros, he wrote today in his daily Gartman Letter.
(Bloomberg) -- Russia April Gold Holdings Unchanged at 28.8 Million Troy Ounce. Russia’s central bank kept its gold holdings unchanged at 28.8 million troy ounces last month, according to a statement published on its website today. The stockpile was valued at $47.9 billion as of May 1, compared with $47.8 billion a month earlier, Bank Rossii said.
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