Swiss vote to shun Gold Standard plan

Geneva-Switzerland (Nov 30)  Swiss voters on Sunday appeared set to reject a widely watched initiative that would force the country's central bank to more than double the amount of gold it holds.

More than 70 per cent of voters in the Swiss cantons of Aargau and Glarus opposed the initiative, dubbed "Save Our Swiss Gold," according to Swiss government television.

Speaking on television, Claude Longchamp, head of the gfs.bern polling group, said early analysis of the voting trends suggest the gold initiative will be "clearly rejected."

The initiative would require the Swiss National Bank to hold at least 20 per cent of its assets in gold. It also would bar the central bank from selling gold in the future and force it to repatriate gold held overseas.

Source: DowJones Newswires