Swiss politicians have voted against an initiative that would require the National Bank of Switzerland to hold at least 20% of its reserves in gold. The majority of Swiss Parliamentarians voted against the plan which would also require all Swiss gold to be held in vaults in Switzerland.

Members of the Swiss Peoples Party (SPP) started the initiative and collected the 100,000 signatures required to bring the matter before the Swiss Parliament. “We need gold to give the Swiss franc a credible backbone,” said Luzi Stamm, who founded the campaign “save our Swiss gold.”

The issue will now go before a national vote, although no date has been set.