– hold at least 20% of its reserves in gold;
– repatriate of all of its gold currently held outside its borders; and
– ban selling any of its gold.
In our last update before the vote we noted that, after showing initial support in the polls, the referendum was showing the "No" vote pulling ahead. A media campaign in the final weeks by the Swiss National Bank (SNB) and perhaps a "research" note on gold by Citibank was enough to turn the voters against the initiative.