"It's Carnage" - Swiss Franc Soars Most Ever After SNB Abandons EURCHF Floor; Macro Hedge Funds Crushed

There are many counterintuitive cross-currents due to the Swiss National Bank removing the peg between the Swiss Franc and the Euro, but one unintended consequence is prices of precious metals soared--at least when priced in USDollars.  In stark contrast, the price of gold--when priced in USDollars--plummeted due to the violent appreciation of the Swiss Franc.

The currency wars continue to wreak havoc on forex speculators and global financial systems, with far-reaching implications for the average consumer.

http://www.zerohedge.com/news/2015-01-15/its-tsunami-swiss-franc-soars-most-ever-after-snb-abandons-eurchf-floor-macro-hedge-

Swiss To Vote On Gold Repatriation - "Gold Is The Only Valuable Asset On The SNB's Balance Sheet"

Yeah, those Swiss bankers are a pretty radical lot.  The desire to bring their national gold reserves home--what a radical concept.


http://www.zerohedge.com/news/2013-04-21/swiss-vote-gold-repatriation-gold-only-valuable-asset-snbs-balance-sheet

SNB Head Hildebrand Resigns Over Insider Trading Scandal, EURCHF Floor To Go Next?

In my opinion, Hildebrand was scapegoated for destroying the Swiss franc (CHF) when the Swiss National Bank (SNB) pegged it to the sinking Euro, in a desperate attempt to devalue the CHF.  Why?  The CHF had become too strong due to its former safe haven status, thus destroying the Swiss economy.  In laymen's terms, Swiss hotel rates were too high, Nestle chocolate and the Big Mac in Zurich were unsustainably expensive. Hence, the SNB moved to debase the CHF, in an attempt to keep Swiss exports competitive and stimulate the Swiss economy.  It was just a recent example of the global, ongoing currency wars, which will imminently lead to trade wars--and military conflicts.

This tactic of pegging to a sinking foreign currency is similar to China pegging their yuan (Renminbi) to the USDollar.  Yes, it's a form of currency manipulation, but the Chinese are merely linking their currency to the most manipulated currency on earth--the USDollar, thanks to Ben Bernanke and Tim Geithner.

As always, read between the lines, know your history--and apply your own critical thinking skills. 

http://www.zerohedge.com/news/snb-head-hildebrand-resigns-over-insider-trading-scandal