The Swiss Gold Referendum and the “Save Our Swiss Gold” movement that would have forced the Swiss National Bank (SNB) to hold at least 20% of its balance sheet in gold has been definitively defeated. Earlier today, Switzerland's populace spread across 26 different cantons voted on several referendums and soundly defeated two that have made headlines around the world. Experts have been expecting a defeat on the Swiss Gold Reserves referendum for many weeks now as support dwindled even prior to voting day. In the end, 77% of participating Swiss voters decided against forcing their national bank to be accountable. To put that in perspective, more people voted to accept a restrictive immigration reform that would have limited incoming immigration to less than 0.2% of the total population than voted for increased Swiss gold reserves. Some speculate that the general populace was unable to stomach the new initiative because of one clause that stipulated that the SNB would never sell its 20% holding of gold. Following the release of the referendum’s results, the SNB publicly stated that it was “pleased to hear of the outcome.”