The “spectacular” fail of Switzerland’s gold referendum should help maintain gold’s current down trend, said one market analyst.
The marketplace has been waiting since the start of November for Swiss voters to go to the polls to decide whether the population would force the Swiss National Bank to boost its gold holdings to 20% of its reserves, repatriate all of its gold and never sell any of its reserves.
However the message that the people don’t care about the SNB’s gold reserves was extremely clear. By 1 p.m. in Zurich, an hour after the polls closed, Swiss broadcaster SRF called the results of the referendum with 78% of the population rejecting it; only 22% support the “Save Our Gold” initiative that was first brought forward by the People’s Swiss Party in April 2013.source.. kitco