Swiss Flight To Safety Largest In 7 Months

Tyler Durden's picture

While the equity markets inch back to their 'safe' place of de minimus volumes and slow leakage higher, it seems real money is flooding into the safety of Switzerland (and gold). Swiss 2Y rates are testing back into negative territory once again and have dropped (on demand) their most since August 2012.



and gold is also bid (despite USD strength) as safe-havens remain where real (non-Johnny 5) money is flowing...


Charts: Bloomberg

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camaro68ss's picture

its peged to the EURO (ZERO) there is no safty but PM's

BaBaBouy's picture

Cyprus, USA.


GOLD $50K ...

Iocosus's picture

precisely the case. the euro is surging now.

ihedgemyhedges's picture

TD's rule: Always do opposite of Goldman's advice.

So yes, Goldman is selling the rally while selling the rally......

trollin4sukrz's picture

Well thats fantastic, a really smart decision. We can put that in a money market mutual fund and reinvest the earnings into foreign currency accounts with compounding interest, and its gone. Next please...

SheepDog-One's picture's gone.

It's gone?

Yes sir, it's you have any money in this bank?

NO you just took it from me!

Please make way for the next customer in line who actually has money in this bank sir!'s gone....NEXT!

Charles Nelson Reilly's picture

Bernank is due back in the office around 2 today.  Expect a smash on gold & silver shortly thereafter.

Yellowhoard's picture

This could be one of those weird times when gold and the dollar go up simultaneously.

PierreLegrand's picture

heh...We are fucked, have been fucked for a long long time. We just don't know when to simply lay down and die.

Lord Drek's picture

I can't wait until this rotten house comes crashing down with worthless shills like this guy at the bottom of it.

PierreLegrand's picture

Calculated Risk sez everything is A-Ok with the economy...nothing to see here, move along.

Manthong's picture

Somebody is mistaking a teapot for a pressure cooker with a clogged relief valve.

SheepDog-One's picture

Safest place in the world is parking at slightly negative return, what a piece of crap this all is.

Edward Fiatski's picture


Those buying, are working on the assumption that losing 0.1% is better, than taking sharp haircuts of 9.9%.

Welcome to Risk Off.

mdtrader's picture

Judging by the market's reaction, the politicians now have the green light to confiscate even more. Perhaps this was trial run to see how confiscation would play! Next up company profits!

swissaustrian's picture

SNB is doing everything to keep the CHF low via rhetoric today. They don't care about gov. bond yields, though.

The return on Swiss 2ys is the 1.8% gap between EUR/CHF 1.225 and 1.201 which is the target for the next month or so. It's not about yield, it's about currency gains.


I'm making a prediction here: The Draghi put, ie the promise to do OMT (with unknown conditions) is going to be tested this year.

MFLTucson's picture

No, the smart money is buying US stocks and owning US confetti! lol!  Just listen to the news media they always tell the truth.

SheepDog-One's picture

And just to rub all our faces in even more shit, because god forbid one moment goes by where we're not properly covered in shit by the 'El-ites' daily... they ramp all markets green....except PM's.

MFLTucson's picture

Every part of the US markest is a fraud

e m m's picture

Meanwhile junk assets like Euro Stoxx 50 (just look up the components) are levitating back towards unchanged.

Diplodicus Rex's picture

For the non-financials amongst us, is the right hand axis of the Swiss 2Y chart in % or in basis points (0.01%)? My interpretation is that if you buy a Swiss 2Y bond you get back 0.0502% less than you invested. Is that correct?

KashNCarry's picture

Well its after 2:30 pm EST and gold is up $13.22 from this morning's open.  No gold smash happening...yet!