With the Swiss gold referendum less than two weeks away the latest poll suggests the Swiss public will reject the motion.

The poll which was undertaken by Swiss polling institute and research group Gfs Bern, puts the ‘yes’ at 38%, which equates to a 6% drop since the polling institute last forecast. On the other hand the ‘no’ campaign has gained momentum with their share of the vote increasing from 39% to 47%.

The ‘Save our Swiss Gold’ referendum will ask the Swiss public to vote on the following measures.

Mandate the Central Bank of Switzerland to hold 20% of their total reserves in gold bullion. Repatriate all Swiss gold vaulted in London and Canada, and stop all future sales of Swiss Central Bank gold.

If the Swiss vote ‘yes’ the Central Bank would need to spend $50 billion to bring the reserve ratio up to 20%, which equates to a staggering 1,000 tons of gold. Bank of America analyst, Michael Widmer, has forecasted that a ‘yes’ vote would cause an 18% rise in the gold price.

Luzi Stamm, the architect behind the referendum has accused the Swiss media of impartiality by failing to promote both sides of the argument. In Stamm’s opinion the higher the voter turnout greater the chance of a successful ‘yes’ vote.