I know people who made recommendations to short the Swiss Franc. Sadly, I didn't do it despite being aware that it was massively overvalued.
Despite gold's weird behavior, this can only be good for it. For the dollar too. Weirdness goes hand in hand with uncertainty. Uncertainty causes flights to safety. And that means gold and Treasuries do well.
My NH land offer has finally been submitted, by the way. Now I'll be holding my breath on THAT as well. I'm expecting the offer to be declined, but maybe I'll get lucky.
Franc plunges as Swiss set euro-franc floor
Sept. 6, 2011, 6:09 a.m. EDT
Franc plunges as Swiss set euro-franc floor
SNB vows to buy ‘unlimited quantities’ of euros to defend rate
By William L. Watts, MarketWatch
FRANKFURT (MarketWatch) — The Swiss franc plunged dramatically versus the euro and other major rivals Tuesday after the Swiss National Bank took the extraordinary step of setting a floor for the euro/Swiss franc exchange rate at 1.20 francs and vowed to buy “unlimited quantities” of euros to defend it.
In a breakneck swing, the euro traded at 1.2033 francs, up from around 1.12 francs ahead of the announcement, a rise of 8.9%, as traders stampeded out of short euro/Swiss franc bets. Other currencies also rose versus the franc, with the U.S. dollar jumping 8% to trade at 84.85 centimes. There are 100 centimes in a franc.
Swiss equities, which have been hurt by fears a strong franc undercutting Swiss exports, also jumped. The Swiss Market Index rallied 4.7% to 5,387.30, with offshore drilling firm Transocean Ltd. and staffing firm Adecco SA up 6%.
http://www.marketwatch.com/story/franc-plunges-as-swiss-set-euro-franc-floor-2011-09-06?dist=beforebell
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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