Swiss support for a gold referendum appears to be falling, based on the most recent poll, analysts said.
At the end of last week, a poll released by the Swiss newspaper 20 Minuten showed that 38% of the respondents were in favor of the “Save Our Gold” referendum. Forty-seven were opposed, while 15% were undecided.
The poll had 12,491 respondents and was conducted Oct. 27. The percentage in favor of the referendum fell from 45% in the previous poll.
The measure has fared better in another poll by Berne-based research and polling institute gfs.bern, which showed the gold initiative had the support of 44% of the Swiss public. Most news organizations said this poll is more reliable, although it is also older, being released on Oct. 24.
The gold market is closely watching the Nov. 30 referendum. The measure calls for 20% of Switzerland’s official reserves to be held in gold, prevents the Swiss National Bank from selling its gold and requires it to be stored within the country.
A “yes” vote “would compel the Swiss National Bank to buy substantial amounts of gold over the next five years,
to increase the percentage of gold reserves,” HSBC said.
This increased buying presumably would tighten the market and support prices. However, HSBC and others also said apparent support for the referendum is waning.