Gold: Commerzbank--"Specs Likely To Be ‘Reluctant’ To Pressure Gold Ahead Of Swiss Referendum"

From Kitco:

An approaching Swiss referendum at the end of the month is likely to make speculators think twice about pressuring gold lower, says Commerzbank. Gold rallied sharply for the second Friday in a row on likely short covering, but this time the market regained an important technical level when it climbed back above $1,180 an ounce, which hints at a “more sustainable” price rise, the bank says. “What is more, the Swiss gold referendum on 30 November is increasingly casting its shadow – ahead of the vote, speculators will doubtless be reluctant to bet on a decreasing gold price,” Commerzbank says. “After all, if -- contrary to expectations -- the ‘Save Our Swiss Gold’ initiative were to be endorsed by the Swiss people and cantons, the Swiss National Bank would have to purchase large quantities of gold....MORE

Not that large, at least for a central bank and maybe gentle reader: 10% of current mine production run rate for 5 years.