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Swiss reject plan to hoard gold, limit immigration

Swiss voters cue in front of the the voting center at the central railway station in Bern, Switzerland, Sunday Nov. 30, 2014. Voters in Switzerland have begun casting their ballots in a referendum over whether to protect the country's wealth by investing in gold. Proponents of the plan say the Swiss central bank should hold a fifth of its reserves in gold within five years. That would mean buying about 1,500 metric tons (1,650 short tons) of gold worth more than US $60 billion . Voters are also being asked to decide on separate plans to limit immigration and end special tax privileges for rich foreigners in Switzerland. (AP Photo/ Keystone,Alessandro della Valle)
Swiss voters cue in front of the the voting center at the central railway station in Bern, Switzerland, Sunday Nov. 30, 2014. Voters in Switzerland have begun casting their ballots in a referendum over whether to protect the country's wealth by investing in gold. Proponents of the plan say the Swiss central bank should hold a fifth of its reserves in gold within five years. That would mean buying about 1,500 metric tons (1,650 short tons) of gold worth more than US $60 billion . Voters are also being asked to decide on separate plans to limit immigration and end special tax privileges for rich foreigners in Switzerland. (AP Photo/ Keystone,Alessandro della Valle)

By Associated Press 2 min read

BERN, Switzerland (AP) – Swiss voters overwhelmingly rejected three citizen-backed proposals to protect the country’s wealth by investing in gold, drastically limit immigration and eliminate a special tax that draws rich foreigners.

The separate proposals – put to voters nationwide Sunday by conservative politicians, ecologists and a liberal group – had needed a majority of voters and Switzerland’s 26 cantons (states) to pass.

A proposal to require the central bank to hold a fifth of its reserves in gold was opposed by 77.3 percent of voters, according to final results from Swiss broadcaster SRF. It would have forced the Swiss National Bank to buy massive amounts of gold within five years, likely causing its global price to jump.

Finance Minister Eveline Widmer-Schlumpf said the vote reflects people’s confidence in the SNB and the view that gold is no longer as important as it once was as a tool to back up paper money.

The SNB praised the outcome because it said the initiative would have “severely constrained” its ability to protect the country’s interests through stable prices balanced with economic development.