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Swissy Plummets On Rumor Swiss Banks To Charge For CHF Deposits (Update: SNB Denies)
Update: the SNB just denied it has sent letters to Swiss bank demand a surcharge for CHF deposits. Response:
As the stock market whipsaws continue, nothing compares to what is happening in the various Swiss Franc pairs, as both majors USDCHF and EURCHF have soared (the Franc has plunged) following rumors that UBS (and possibly more banks) have escalated the currency war by announcing charges for CHF-based deposits, thereby making CHF holdings more expensive, and forcing a sell off. It is unclear if this was a private decision or mandated through the SNB. We expect that it will take the market the usual several hours to realize that the only winner out of this move is not ES but gold (and physical at that), which once again reminds everyone it is the only money without deranged central banker counterparty risk.
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People will soon realize that the swiss franc is just another paper currency. THen they will also flock into gold
Whether it be Swiss Cheese, Swiss Francs or any other Fiat paper currency, they are all riddled with holes.
"The FEd will elevate gold ownership from intelligent diversification to practical necessity." - John Embry
This article is about raising the price of holding a certain asset they want to manipulate. You think that can't happen with gold?
They can raise the taxes very high. They can make it illegal to own and trade. They can raise storage costs or refuse to store it. They can tax buying and selling with dealers.
All of these things can crater the price at any time. I have no position. I'm just saying protect yourself from this relentless hype. You won't be allowed to pay off your house with a gold coin. And they won't let the price undermine their determination to keep the ponzi going.
Thats why you hold your gold in different jurisdictions. Plus, you can always move your Gold where free trade is welcomed such as Singapoore or HK.
If you live in europe you might very quick move your gold into switzerland or Luxemburg or Liechtenstein or where ever you prefer, when rumors of confiscation or taxation of Gold come to world.
All of that assumes there is an alternative option and viable medium of exchange if and when your predictions occur. What if there isn't? Will you pay off your house with buttons? Coffee beans? LOL.
These are simply all scare tactics that Wall Street and Washington hope I place any creedence in - which I do not.
Perhaps you can tell me what Wall Street product I should buy?
You mention "relentless hype" - how many magazines, newspapers, TV stations, internat sites, radio shows or any other form of mass media propoganda have been dedicated to pushing gold as opposed to Wall Street products over the last 50 years?
ALL ponzi's end!
I have a few headphone pairs with gold-coated jacks and gold-coated watch. I can't sleep what would happen if the "make it illegal to own and trade". I could never listen to music neither know what time is it anymore :) Nor would I be able to get rid of these accessories to avoid being prosecuted :P
It's just a way to fund their dying banks to.
First they set up the trap, lured the money in AND NOW IT'S PAYDAY BITCHEZ!
The account holders can withdraw their money back to their country off course for the small fee of 4% ON THE TOTAL SUM!
And for those who don't agree, can always complain at the tax collectors in their own country explaining that they fled with their money to Swiss to avoid taxes and don't like it anymore.
WHOEHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!
Germany did some new agreement with switzerland recently whereby the swiss banks would collect the taxes and then send them to the german government. However they would send all the taxes collected at once, so its anonymouly and the german government wont see who has how much money there.
I call bullshit. Maybe next year we will see new, stricter laws. Why I should bother with all of this uncertainty when I can just hold the physical gold.
Britain too. Plenty of time for deposits to end up in gold.
http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/8721...
"People will soon realize that the swiss franc is just another paper currency. THen they will also flock into gold"
Technically, the problem with paper currencies is not that they're made of paper, it's that they are not backed by gold in order to prevent the free printing. But say that the Swiss franc is not printed and its supply is stable, it would be (almost) as good as gold. But since all the other currencies are managed by madmen, investors flee to the only currency which is soundly managed and it causes imbalances which are unfair to the country who correctly managed its currency.
Same happens with the economy overall. Countries with better regulatory environments get the most business and investsments, but they suffer the most because of this when it all crashes because of the actions of madmen in other countries.
Sorry for the lecture, had a few thoughts which I wanted to write about...
holding physical gold costs me less than 0.5% p.a.
why would i want to pay for electronic deposit in constantly devalued fiat currency ?
I hope you dont hold it in a vault in the U.S. ;- )
"will take the market the usual several hours"
What the hell are they zombies
Actually the market could have figured this out years ago that treasuries or the swiss franc or whatever are all just paper.
But the market is stupid. First the U.S. gets downgraded and some individual investors might think they dont want to stay in treasuries anylonger, but rather buy swiss francs. Then we see headlines like today and people think: Hmm, might buy something else. A smart person would realize immediatly that all of this is just paper and only the physical gold (or silver) cant be devalued by governments.
Negative JPM:SILVER ratio watch - Day 25.
Suck on THAT, Blythe.
"only the physical gold (or silver) cant be devalued by governments"
The hell it can't. They can tax it, or make it expensive to store or trade. They can make it illiegal to trade. The only safety in gold is in your mind.
Hence, the first rule of Zombieland: Cardio.
It is not possible for Americans to open an account in Switzerland due to FATCA, and the UBS lawsuit settlement widely seen as unfair, and pissed off the Swiss to no end. Swiss banks absolutely will not open any account for an American citizen.
Dual Citizenship = Problem solved.
(and it doesn't have to be Swiss citizenship)
that's not true. if you live over here and/or work here, then you can get an account
Check your facts. Swiss banks all have a policy: NO AMERICANS CAN OPEN AN ACCOUNT. Not $10,000 not $10M. The answer is NO. I was in Switzerland within the very recent past. In person I spoke to every bank and none of them will open an account for an American. zzzzzzzzzz.
Regarding "dual citizenship" this is extremely complicated and not a reasonable solution with all due respect.
i re-raise you and ask you to check your facts again.
to open a swiss bank account as an american, you simply need to have a work permit or a residence permit for switzerland.
I can also confirm this. First question that they started with during the opening process once they heard my non British accent at one bank. This was NOT followed with "unless you have a work or residency permit". At another bank the same question was asked with alarm in the secreteries voice as if having American citizenship is like the plague.
Did you show the bank rep your work or residency permit for Switzerland?
I can confirm this. Even as a corporation if there is a US beneficial owner you will still be denied. There are other countries where this is happening as well. There will come a day where american assets overseas will just be readily handed over to the US gov in swap deals.
which begs the question: what's the point of being an american citizen?
to say you belong to the club with the most guns?
not too compelling an argument.
or to quote Woody Allen/Grouch Marx/Sigmund Freud: "I would never want to belong to a club that would have someone like me as a member"
what's the point of being an american citizen?
if you have a job your salary is still well above the rest of the most of the world.
An expensive option for most but an invaluable asset is a second citizenship. Several countries offer a pay-for-residency program. I only know about the Saint Kitts and Nevis program but for 200,000 to 350,000 you get a fully legal second passport with visa free access to tons of countries including the European Union and Canada.
Speaking of gold, why can't UXG get a bid? Rod McEwen must be steaming. I've been sitting on that dog for 2 years and it simply will not move.
Meanwhile, Tiffanys is getting all the love today.
sycophantic whore.
What is UXG? Who is Rod Mcewan?
I think u mentioned gold Robo.... are your references eluding to the large stack of physical gold and silver I have stashed in my basement?
It's not steaming. It's not looking for a bid. And it's not having its deposit rates rise anytime soon.
Get a grip dude. You're totally a paper shill.
If they raise the taxes or make it illegal for dealers to trade with consumers, your basement stash will be worth a lot less.
I suggest people stop deluding themselves. You should not be 100% in PMs. They can change the rules any time. They won't let you pay off your mortgage with one coin, and they won't let the price rise to where it defeats their determination to keep the ponzi going.
lol, you've been in a gold stock for two years?
No wonder you keep insulting Gentleman Jim and Co. You are pissed off that they are making lots of fiatscos on physical metals while you just lose, lose, lose on paper crap.
you didn't hear his most recent bray? why, by golly, all this time he's been buying gold bullion, he said (lied). brayed that he's been making money via bullion hand over fist, thank you very much. riiiiiiiiiiiiight! makes sense to me. buy something, and then trash it to high heaven.
Reminds me of our resident eugenicist and high priest of death worship, who owns silver, but constantly talks it down like he's fucking George Soros or something.
Because you're a moron, Robo. Keep holding that purse...I mean bag.
Coordinated action by the FED and the SNB to devalue the CHF right after Bernankes speech.
Benny met Phillipp at the BIS and leaked his speech to him, so the SNB could intervene on the "NO-QE3-yet"-news triggering a short squeeze.
They know the amount of Eastern European loans denominated in Swiss Francs. An expensive CHF makes those loans more risky.
from the swiss point of view i like the idea. it helps protect domestic exports in a dog eat dog world of currency debasement, and serves notice that there's a cost for protection if you want it.
DOW up +100 from down -100 in minutes? Totaly broken.
Now back down to -15, what a fucking farce. NASDAQ was up 1.6 percent at one point, now dropping again.
By the way, nice call on no qe for the last few weeks.
Thanks! Now we'll see what the manic depressive market robots do with it.
Hedges and their stops wipsawwed to the max. This can be painful.
Has the mission been completed? You know that I have the greatest enthusiasm for it.
Algo bulls must be totally and utterly in full desperation mode! They night know what's coming, eh?! Volume is minimal to non existent, a perfect time to scalp a little more before it's lights out! Watch the action in the VIX/VXX calls they tell you what's coming! I don't trust this fake ramp at all!
I gues i will be watching the SnP charts more often now....
NSE opens BETs on SnP contracts from Monday
http://economictimes.indiatimes.com/markets/stocks/market-news/nse-to-launch-futures-and-options-contracts-on-sp-500-and-futures-on-dow-jones-from-august-29/articleshow/9739292.cms
a rumor which has conveniently put the brakes on the EUR/USD decline.
What were the odds huh?
Yeah, but unlike fiat and stock certificates, you can't burn gold to keep warm in the coming winter of discontent.
But you can put it in your tooth. Or wear it as jewlery as so many indians and pakistani women do arround here ;- )
Are you English by any chance
Clearance Sale on physical Gold. Get it before Sovereigns buy it all.
"deranged central banker counterparty risk"... nice! I think we need a VIXBEN
This is the real game for now, Stox and Bunds aside.
CurrentSea Wars, FTW!
Vivek
http://aadivaahan.wordpress.com/2011/08/24/precursor-03-bottom-falling-out-still-still-and-a-gander/
I wish whoever codes this Web site would remove the ability to include hyperlinks. These blog spammers are polluting the comment sections and it's getting really old.
open a swissquote account. deposit money in chf.
Swiss banks have been charging non residents for a while now, but the amounts were fixed, so if you had a large account, it didn't matter too much. Maybe they are talking about charging as a percentage? Anyway, big fucking deal, most of the accounts are for people looking to keep money away from the tax man. If they really want to fix it, they should end Swiss secrecy rules....
CHF at these levels hurt the Swiss economy, they like it going down, makes all goods and services there cheaper, still it's one hell of an expensive place!
It's come to this... sound money is now a 'curse'.
With twisted motives like that it's little wonder all the money in the world is crap.
At this point, I would not be surprised to see Apple's corporate headquarters raided and all executives jailed for failure to carry sufficient debt.
This shit is beyond broken...it's a fuckin joke.
USD (DXY) tanking hard...which, I guess, was the desired effect of this joke. Sure did help the market move up though...but I'm sure that was just a collateral benefit that was entirely unintended.
No problem cuckoos, I'll hide them pretty notes under my mattress.
Oh right - and the off shore market is just in one place: The biggest offshore market is New York, number 2 is London: the Swiss, those nutural jew-rapers are not even a 3rd league player: rape starts with the big bugger who is rapist, not the pure virgin who has a fantasy or two!
Hitler was right about the banking system, 50% right about the jews, 100% wrong about the world: I call that a near miss in political terms today! Hell - Americans cooked a vote for a Bush that was burned before it took a podium! Know that is Biblical, but the only tablets involved were taken by him! A modern 'jew'!
The people of the world work to help each other: to lessor or greate degrees. According to the Jew, we are all monkeys and placed here to serve them (ref: Rothchilds, et al)?
After working with these self serving mother-fuckers, my view has become 'kill a jew a day: keep problems away'!
I will never trust another Jew. I will never give time to another jew. If a jew never existed in my life, I will kill it.
Am I like Adolf? - I suspect we both knew Jews: any people that comes from us but calls us 'monkey' needs to be eradicated in a permanent way - for they are racists of a secular kind and do not deserve to be treated as human.
Call me inhuman - you can speak bad but be my brother: call me 'monkey' and your sorry mix of tribal blood will be burned from this planet.
I am not anti-jew: I am anti-anyone who thinks they are elite.
Holy crap dude, you need some serious help.
RE: Update = irrelevant. Mission accomplished. Dollar tanked, market spiked and it will stay that way since now the European market is closed and powerless to do anything about it and the Robots are now in full control of the US Ponzi (AKA Stock Market).
Resistance is Futile. We have been assimilated.
What a prissy swissy, what the hell is next?
DUDES, THE SWISS FRANC HAS SOME GOLD BACKING -- I think 20% -- UNLIKE EVERYBODY ELSE. And the Swiss are heavily armed, which makes their semi-fiat currency more bullet proof. I'm up 23% in FXF so patooie on youie.
So apparently I'm wrong on the SF being backed by gold, but at least they have very low inflation? Anyway, I've made a ton of money in FXF over the last year and they ARE heavily armed and grumpy.