Swiss gold referendum fails 78% vote against “Protecting The Country’s Wealth” the Swiss population overwhelmingly rejected a referendum to force the Swiss National Bank to hold some 20% of its reserves in gold in a landslide vote, with about 78% voting against what AP politely termed “protecting the country’s wealth by investing in gold.” The proposal stipulating the Swiss National Bank hold at least 20 percent of its 520-billion-franc ($540 billion) balance sheet in gold the initiative “Save Our Swiss Gold” also would have prohibited the SNB from ever selling any of its bullion and required the 30 percent currently stored in Canada and the U.K. to be repatriated. The biggest winner, of course, is the Swiss central bank: SNB policy makers warned repeatedly that the measure would have made it harder to keep prices stable and shield the central bank’s cap on the franc of 1.20 per euro. That minimum exchange rate was set three years ago, with the SNB pledging to buy foreign currency in unlimited amounts to defend it. “However, SNB President Jordan labeled the initiative “dangerous” and his fellow board member Fritz Zurbruegg said accepting the measure meant the room for maneuver “on currency reserves would be dramatically restricted, with negative consequences for the Swiss economy.” The question now is what will happen to the Swiss Franc? The people of Switzerland have given away there sovereignty on this vote and I know it was only 20% that the SNB had to store of the nations gold. But now the Swiss Franc is in a bundle of fiat currency like the Dollar and the Euro and that is a shame. All Fiat Currency Go To ZERO!