Gold Climbs Higher Despite Swiss Vote

Yesterday Switzerland voted to reject the "Save Our Swiss Gold" initiative. Despite many analysts predicting a 'No' vote would push Gold slightly lower, this has not proven to be the case. Gold did drop approximately £10/oz just after the markets reopened this morning, but by the afternoon it had reversed these losses and was trading even higher than Friday.

The result of the Swiss referendum will be a big disappointment to the Swiss People's Party, which saw their motion overwhelmingly rejected by 77% of voters.

Two other referendums were also rejected on Sunday including a cap on immigration and the abolition of the flat tax system. Switzerland has a rich history of referendums with 12 alone this year, however the vast majority of them are rejected by the electorate.