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.