Swiss gold referendum rejected by 78% of voters

The Swiss referendum that would have required the Swiss National Bank (SNB) hold 20% of its reserves in gold has been rejected by the majority of voters.

Early projections from Swiss broadcaster SRF show 78% of voters rejecting the change.

Two separate proposals that would have curbed immigration and closed a tax loophole for foreigners were also easily defeated, according to projections.

Under Swiss law, any petition signed by 100,000 voters must go to a national vote. Past referendums have covered topics as varied as gun control, a public smoking ban, allowing shareholders to limit executives’ salaries, and assigning state legal aid to animals that might have suffered abuse.

Gold bugs were optimistic about the vote in early November but in the past two weeks hopes began to dim. On Friday, gold fell $24 to 1167, the lowest since November 14.

The plan’s proponents wanted one fifth of the SNB’s reserves to be in gold, which would have involved buying about 1,500 metric tons in the coming 60 months.

Switzerland’s wealthy residents drawn to the tax haven also looked set to offer their thanks to ordinary voters.

A bid to scrap the “Pauschalsteuer” – a controversial law allowing Swiss residents who work outside to the country to pay tax on their spending, not their income – also looked set to fail just over an hour after polls closed.

FnIYPPhOKcw
Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

5 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago