Swiss National Bank faces referendum over gold sales

Swiss National Bank headquarters in Bern

The Swiss National Bank (SNB) could be prevented from selling its gold, after the Swiss People's Party (SVP) secured enough signatories for its proposals to trigger a national referendum on the matter.

The proposals – dubbed the ‘gold initiative' – seek to prohibit the central bank from selling gold, force it to hold at least 20% of its total assets in gold and ensure all bullion holdings are stored physically in Switzerland.

Members of the SVP, the largest party in the Swiss National Council, y