Swiss Voters Reject Gold

Swiss voters overwhelmingly rejected proposals on Sunday that would have forced the central bank to buy huge amounts of gold and imposed strict curbs on immigration, in what is seen as a result strengthening Swiss ties with the European Union.

The measures proposed on Sunday reflect a growing sense that Switzerland is under siege by foreign workers eroding its Alpine culture and trading partners who have insisted in recent years that the Swiss dismantle their business model based on banking secrecy.

The “Save our Swiss gold” initiative failed to secure a winning vote in a majority of Swiss cantons, the so-called “cantonal majority” required for the initiative to pass, according to data from Swiss broadcaster SRF.

CNBC

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