Swiss franc not pegged to euro any more

I wonder if any Swiss central bankers or their wives have had a massive capital gain? :mad:

It's sickening actually.
 
Us markets were poised to recover yesterday's losses but look like they will open at least 1% down. Look at the gold chart, $30 usd in as many minutes. FLY BABY, FLY!
 
Even though there is a clear fundamental reason, taking out $1250 is a good sign, that's the number everyone was looking for. God bless those neutral canton dwellers.
 
Close which market? Comex? Just a guess but in think you'll see it. Another 150-250 point loss in the DJ and you'll start to lose people and things take on a lifew of their own, at the last people are going to be shaken and not want to get back in. Even if it's only USD weakness I think you'll see it.
 
If it takes the dollar falling to get the number I'll take it. Hard not to see some people running to certainty while they wait for things to play out. Where else are they going to go with the money when they pull out or hit stop losses? Long term bond yields were already crazy low yesterday, after this?

Another nail in the coffin of fed rate rises.
 
Big miss on the Philly manufacturing has helped give it that final push. Should now close above $1250. Looks like I'm buying tomorrow
 
Swiss National Bank be like...

(Skip to 1:04)
[youtube]http://www.youtube.com/watch?v=L0MK7qz13bU[/youtube]

Let It Go!
Let It Go!
Can't Hold It Back Anymore
Let It Go!
Let It Go!
Turn Away And Slam The Door
I Don't Care What They Are Going To Trade
Let The Storm Rage On
The High Swiss Franc Never Bothered Me Anyway

(With apologies to whomever wrote the original 'Let It Go' from Disney's Frozen)
 
Martin Armstrong had personally warned the board that controlled the Swiss peg 4 years ago what would happen if they try and maintain the currency peg.
He stated clearly that they would end up buying high and selling low and the losses would be enormous.
The Swiss exited early and it still cost them a fortune but nowhere near as much as it would if they had of continued. They were having to continually buy the Euro to maintain the peg.
He also warned them not to let the IMF know of their move or they would be screwed by the banks because the IMF would have informed the banks who would have immediately taken positions to profit from the move at the expense of the Swiss. All because the IMF is corrupt.
 
tolly_67 said:
Martin Armstrong had personally warned the board that controlled the Swiss peg 4 years ago what would happen if they try and maintain the currency peg.
He stated clearly that they would end up buying high and selling low and the losses would be enormous.
The Swiss exited early and it still cost them a fortune but nowhere near as much as it would if they had of continued. They were having to continually buy the Euro to maintain the peg.
He also warned them not to let the IMF know of their move or they would be screwed by the banks because the IMF would have informed the banks who would have immediately taken positions to profit from the move at the expense of the Swiss. All because the IMF is corrupt.
Click to expand...

Wouldn't surprise me at all. Got a link for this?
 
it means that they will print as many francs as they need to so they can sell them if 1 euro can buy less than 1.20 francs. It means they dont want their franc to get to strong so they print and by printing their diluting their currency kind of like you adding more water to cordial.

But now they unpegged which means they wont print to keep the exchange rate at 1euro:1.20francs
 
Very clear explanation. Thank you!
Argentum said:
it means that they will print as many francs as they need to so they can sell them if 1 euro can buy less than 1.20 francs. It means they dont want their franc to get to strong so they print and by printing their diluting their currency kind of like you adding more water to cordial.

But now they unpegged which means they wont print to keep the exchange rate at 1euro:1.20francs
Click to expand...
 
Apparently the sudden move caused waves in the derivatives market.

A few big banks were on the wrong side of the trade and lost a fair bit of money.
 
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