Swiss support for referendum that would force the Swiss National Bank to hold 20% of its reserves in gold falls in latest poll.
Switzerland Mining News
If the Swiss vote yes in next month's referendum its central bank needs to buy back 1,500 tonnes of gold sold for $300–$500 an ounce a decade ago.
The initiative seeks to force the SNB to keep at least 20% of its assets in the metal and repatriate gold reserves held abroad.
A proposal that the Swiss National Bank should hold a fifth of its assets in gold and be prohibited from selling the precious metal in the future would severely restrict its ability to conduct monetary policy, the WSJ reports.
The country now accounts for 42% of Swiss exports of both precious metals.
Swiss customs data for May show delivery from UK gold vaults to Switzerland's refineries jumping 32% to 32 tonnes, just as Chinese buying tanks 83%.
The European nation is the conduit for gold moving from West to East and business soared 77% year on year.
Bundesbank board member says talks ongoing and Germany has no plans to start selling its bullion again anyway.
Its bullion reserves are now worth about $17 billion less.
Jewellers are converting the remains of deceased loved ones into "unique" diamonds.
Swiss authorities to determine whether the firm knew the gold it handled in 2004 and 2005 came from a militia group in eastern Congo.
Several villages are considering to follow Hedingen's example and give their tax money to charities.
It can lift around 600 small cars.
Commodities trader claims Jamaica firm won't send the alumina it still owes Glencore due to a new agreement with another firm.
Despite the negative figure, it reported a profit of $6.2 billions for the first half of 2013.
Initiative also seeks to force the bank to keep at least 20% of its assets in the metal.
Move prompted by new banking rules.
Artisanal gold mining, the largest source of global mercury pollution in small-scale operations, is the only source of income for as many as 15 million people in 70 countries, mostly poor ones.
2013 set to be a flourishing year for Switzerland's secretive refineries
Brazilian miner Vale SA (NYSE:VALE) said Wednesday its fourth-quarter results would suffer after the company decided to settle a case of alleged tax evasion with Swiss authorities.
A pair of diamonds made from the cremated ashes of a deceased Australian man have been stolen while en route to his grieving parents.
On November 20, 2012 Glencore and Xstrata shareholders will attend a meeting, where they will vote on the merger of both companies. The transaction is valued at USD 37 billion.
The Archduke Joseph diamond, a storied gemstone weighing more than 76 carats, is expected to fetch over USD$15 million when auctioned by Christie's in Geneva this November.
Leading investors in Swiss commodities giant Xstrata (LSE:XSTA) have expressed their disappointment and frustration at the board's recommendation of a merger with Glencore (LSE:GLEN) for what they believe to be a takeover "on the cheap."
Glencore (LSX:GLEN) has been accused of dodging millions of pounds in tax through the use of complex derivatives to artificially reduce profits.