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Swiss Franc Is Tumbling, Retraces 60% Of SNB Move
Is the SNB buying Euros to keep the mirage alive that Grexit is "managable"?
EURCHF is up dramatically in the last 2 days...
...retracing 60% of the Swiss Franc's valuation surge against the USD...
It appears they are losing the battle...
Charts: Bloomberg
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If they're smart they're printing CHF and buying AU instead of EUR...
Given the socialist nature of the swiss, they ain't that smart.
Swiss core-competencies aren't necessarily incompatible with a certain amount of insular socialism.
..or the is the ECB/Fed is buying up CHF to keep the mirage alive?
How about the last of the Greek currency heading to Swissyland.
Jim Willie says they're in deep doo per his interview.
If true, I hope the BIS implodes like the WTC with nothing but smoldering remains.
Consider that the Fed might still be sitting on top of $.5 Trillion in Euro swaps they did right after LTRO 1.
WTF is the SNB doing when they know the Euro is about to get crushed when Grexit happens?
This is a bullshit move
the ECB is likely leaning on them since they pissed in the punch bowl awhile back.....
They should put arsenic in the punchbowl this time and burn this globalized banker world down.
<dupe print>
Yeah, National-Socialism
They are not smart at all.
Well. They did anounce a re-peg 2 weeks after.
Nothing is announced. Just ZH guesswork as usual.
repegging the depegging.
I have never been a big fan of the whole pegging thing. I'm guessing it hurts like hell.
Peg boy is an old nautical term....its not a good one either
Frank Zappa's tower of power?
Let's settle for: petting is better, piercing is worse.
Obviously not a cribbage player.
Smoke and mirrors banking.
SNB is the test to see if a central printer can actually blow up. i bet it does. when greece exits, EUR crumbles, swissie surges and SNB goes down in flames.
The SNB has the full faith and Credit of the Swiss. Guess what, is not like Ol 'Merika. 19th economy in the world, 600mia GDP, 100mia federal debt, 1 month old school pomo.
The Retirement Swiss System actually it is at +500mia prepayd.
This is not normal country.
I will not overestimate neither underestimate them. Top 5 wild cards around. And usually when the shit hit the fan, they will ruthlessly do what is their best interest.
Something actionable? Gold, CHF, small local business cash flow income. The rest is noise, smoke and mirrors.
nice how they hammered Gold back under the phony paper price of 1200...
no news...and no justification...and then there this.
"The Comex is a complete fraud. It’s one of the biggest Ponzi schemes in history.
With China and Viet Nam (the latter being a major gold importing country) now closed until next Wednesday in observance of their Lunar New Year, the bullion banks have engaged in a major attempt to drive the price of gold lower. Yesterday (Tuesday) 99,000 gold contracts – 9.9 million ounces or 287 tonnes – were sold into the market between 9 a.m and 11 a.m. EST, which had the effect of driving the price of gold down over $26. To put this into context, a total of 179,833 contracts traded between 6 p.m. Monday and 5 p.m. Tues. The entire daily trading period is 23 hours. But 55% of yesterday’s total trading volume – the volume used to slam gold – was traded in a two-hour window of NY trading.
Think about it this way: in that two-hour window, 35 days worth of daily global gold mine production traded in the form of paper gold. The open interest expanded by 5,290 contracts, which translates into just over 15 tonnes of gold. The total amount of gold available for delivery – the “registered” account gold – is 804.9k ounces, or 23 tonnes. In just one day, the bullion banks (JP Morgan, HSBC and Scotia) sold forward 65% of the entire stock of deliverable gold on the Comex. And that’s if you really believe the unaudited bank reports which produce the gold warehouse stock reports. I do not.
This is very painful for most of us to watch unfold because we understand how corrupt our entire system is and we also somewhat understand just how devasting the consequences will be for the entire population of the United States (and, really, the entire world) when this giant Ponzi scheme blows up.
Sometimes I wonder if I might have been better off being one of the 95%’ers who are oblivious to the size and the velocity of the giant two-by-four being swung at the back of their head by those in control of our system…
If you found this post to be value-added, please share it with others: (please share this with anyone who might care, if even just a little, we need to pry open any doors that are cracked open in the minds of those who care about our country)"
http://investmentresearchdynamics.com/comex-gold-open-interest-numbers-s...
Come off it - all of that paper was bought as well. The facts support a headline of "buyers storm market in 2 hour window" equally well. The paper gold market will have its day of reckoning - but let's keep from frothing at the mouth.
Game
Set
Swatch
Its probably just the Greeks with all thier illegal stashes of money in Swiss banks..buying Euros...
january industrial production a miss +0.2% (expected +0.4%)
and as some reported december revised lower to -0.3% from -0.1%
BUT did you know november revised lower to +1.1% from +1.3%?
AND october revised lower to -0.1% from 0.0%?
AND september revised lower to +0.7% from +0.9%?
Bullish
http://www.urbandictionary.com/define.php?term=pegging
This too shall fail... Warmin' up my EURCHF short- FXCM, don't fail me now.
Well, at least you have some balls, but your face may get ripped off...
That's if your long EURCHF. When the SNB unpegs, the longs get their collective faces detached. As for shorts with only 5 to 1 leverage permitted, I could hold this for years and the slow bleed would be pittance to upside.
good play then
The FED might be schooling 'em for pulling the rug out from under their cabal bank hedges with that nasty surprise un-pegging move.
IF The FED wants to stomp on Swissy & the SNB, then Swissy & SNB stomped will be.
You guys are missing the play here. The SNB buys eur, then takes the eur and shorts it against the usd and gbp. It's called recycling. They might take a loss on the eur buying but they make up for it on the other 2 legs of the trade and the chf stays weaker. ;-)
Very interesting!
Thanks for sharing your perspective on this strategy, Yen Cross.
peg, un-peg, re-peg...screw the pegs, it is folly anyway! the global money cabal is about to burn, let it burn!
$1.5 quadrillion in CDS bets, and the US alone has over $200 trillion in debt and unfunded liabilities, I rest my case. It will all fall very soon.
Govts added 477 metric tonnes of gold to their reserves, I wonder why? lol