The majority of votes of most individual cantons (some cantons' votes are yet to be released) were against the initiative. As Switzerland has a federalist structure, this by itself already means that the initiative has been rejected.

Public votes are still not final, but indications show that about 25% of the population voted for the initiative.

If the initiative would have passed, the Swiss National Bank would have been required to hold at least 20% of its balance sheet in gold. This demand was denounced by the mainstream media as a "radical" step that would massively restrict the central bank's actions, although not that long ago, the constitution required a 40% backing of the Franc with gold. The referendum also called for a ban on the central bank to sell gold and requested the repatriation of all gold reserves held outside of Switzerland. To me, the latter request was one of the key elements of the Gold Initiative. An essential feature of gold is that it entails no counter-party risk. Therefore, if the gold, the only means of payment in a harsh crisis scenario, of a sovereign nation is held in another country, it pretty much defies the point of holding gold.

Although a part of me was optimistic, I have to say that I expected this outcome of the initiative, which was ridiculed in all newspapers and on TV by all political parties and the "independent" central bank among other interest groups. One could hardly read anything positive in the press about this initiative. The view in favor of this initiative was not represented in the media. One could even argue it was suppressed in all public debates. Guido Hülsmann, Professor of economics at the University of Angers in France, put it in the following words: