Gold skids as support for Swiss referendum cools
San Francisco (Nov 19) Gold prices slumped in intraday trading Wednesday on reports of waning support for a Swiss referendum to mandate Swiss National Bank to hold at least 20% of its reserves in gold bullion. Gold fell 1.5% in electronic trading to $1,179.90 an ounce. Only about 38% of those polled plan to vote for the Swiss gold measure, according to the Daily Mail, while Bloomberg reported that about 47% are likely to vote against it. The referendum, scheduled for Nov. 30, must secure more than 50% support to pass.
However, by noon EST gold spot gold rebounded to $1,175/oz, while spot silver traded near day's high at $16.35/oz.
Obviously, it's been a very volatile trading day.