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Nov 30, 2014 7:26 AM

Report: Swiss voters reject plan to hoard goal

The Associated Press

BERN, Switzerland (AP) Projections show voters in Switzerland have rejected plans to protect the country's wealth by investing in gold and drastically limit immigration.

Swiss polling firm gfs.bern said a majority of voters opposed the measures in a referendum Sunday.

If passed, the gold investment plan would have required the Swiss central bank to hold a fifth of its reserves in gold within five years, forcing it to buy massive amounts of the valuable metal and likely causing the global gold price to jump.

Pollsters also predicted failure for a plan to end special tax privileges for rich foreigners in Switzerland.

The projections are based on tallies provided by selected voting districts and are usually close to the final result.

Official results are expected to be published later Sunday.


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