While it remains to be seen if a majority of the Swiss population want their central bank to purchase a whopping 1,500 tons of gold in the coming years, perhaps the most notable event for gold overnight (aside from news that while India exports fell 5% in October, gold and silver imports soared by 280% and 136% Y/Y, respectively), came from ECB Executive Board member Yves Mersch who in a speech in Frankfurt said that the ECB balance-sheet expansion is “neither an end in itself nor a fetish.” As quoted by Bloomberg, the ECB member said that “the effect on rates that comes along with it is a