http://www.gata.org/node/10105
Friday, July 8, 2011
ZURICH, Switzerland -- The Swiss Parliament is expected later this year to discuss the creation of a gold franc -- a parallel currency to the official Swiss franc, with the fringe initiative likely triggering a broader debate about the role of the precious metal in the Alpine nation.
The initiative is part of "Healthy Currency," a campaign sponsored by politicians from the right-wing Swiss People's Party (SVP) -- the country's biggest -- that is seeking to capitalize on popular fears about global financial turmoil and inflation to reverse the government's current policy on gold.
"I can imagine that this will spark some sort of debate about gold and there may be some pressure to accept the parallel currency," said Dr. Gebhard Kirchgaessner, an economics professor at St. Gallen University. "But it won't have any real effect on the economy. It seems incredible to imagine that there are people out there willing to buy millions of these things."
Switzerland, which in 2000 became one of the last countries to decouple its currency from gold, is not the only place to contemplate a change in the precious metal's role amid controversy over government involvement in the economy. In March, Utah became the first state in the U.S. to legalize gold and silver coins as currency, while similar legislation was considered in Montana, Missouri, Colorado, Idaho, and Indiana.
"I want Swiss people to have the freedom to choose a completely different currency," said Thomas Jacob, the man behind the gold franc concept. "Today’s monetary system is all backed by debt -- all backed by nothing -- and I want people to realize this."
A good part of the enthusiasm for gold, which provokes strong emotion among many who invest in it, has to do with its price: The yellow metal has more than quadrupled during the last decade and now stands at more than $1,500 per ounce.
In the United States, legislation to allow a gold currency is largely symbolic -- a protest against what many consider irresponsible spending by central governments to recharge economies. But according to Jacob, the gold franc has a more practical goal: giving small investors the opportunity to safeguard their investments against global uncertainty.
Modest investors face several hurdles to investing in the precious metal, said Jacob, 50, a former pilot and currently a sales coach at Zurich Financial Services Group. Collecting coins, bullion, and gold certificates typically requires professional advice, and even the smallest coin costs around 100 francs. One of the new gold francs, on the other hand, with a gold content of 0.1 grams, could be purchased for just 5 francs (at current prices).
While there is evidence that investing in gold is increasingly popular in Switzerland and other countries, the idea of establishing a gold franc is not foremost on the minds most ordinary Swiss, some of whom still find the subject of gold uncomfortable given the country's association with precious metals looted in World War II.
"I got rid of my coins a while ago," said Esther Heusser, a social worker in Jona, Switzerland. "I just didn't want to think about where they came from."
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