- nouvelle baisse des tx interet
- intervention sur le marché des changes pour vendre du fc suisse contre de l'euro..
double effet kiss cool, pour cequi était vu, ya pas si longtemps comme as good as gold ..
extrememnt bull pour l'or, bien évidemment www.lemetropolecafe.com
The Swiss franc had its biggest ever one-day drop against the euro after the SNB said it had sold francs as part of a drive to boost the economy, which also includes an interest rate cut and planned bond buy. [FRX/]
"The SNB have now fired the first formal shot in the forthcoming currency war," ING Bank said in a note.
Gold shot up like a bat out of hell, surging to the $930 area, a pivotal technical resistance point. It didn’t take long for The Gold Cartel to get their act together. Word went out to the troops that the price was to advance no further and it didn’t … leaving us with a daily price pattern we have seen so often. Gold soars early and then is capped.
However, that cat is out of the bag, so to speak. As noted in the Reuters report, this is just the FIRST shot in the "upcoming currency war,"
which a number of us in the GATA camp have been harping on for a very long time … and the reason that some very savvy gold pundits have had it wrong so far that gold would only advance as the dollar fell. As Café members know, and anyone else following the market, gold has put in a substantial rally AS the dollar has rallied to near the 90 level.
Gold rocketed for a while today because physical demand surged and briefly overpowered The Gold Cartel and other sellers. Later in the day AFTER gold took off, the dollar fell.
More on the same from a Swiss Café member…
The Swiss National Bank today announced both a reduction in the Libor target interest rates by 0.25%, and intervention both in the foreign exchange market (see below) , and in the bond market to purchase SFr bonds in the private sector.
This is a result of their revised downwards forecasts for inflation to –0.5% and GDP to – 3% for 2009 as the economy deteriorates.
On this announcement today, the SFr has fallen at 15.20 CET by 3.41% to US $ 1.1955
This large forex move of the SFr coincided with the gold price surge from 914 to 930, leading to the question as to whether they are connected ? Difficult to tell, but an interesting development.
« In view of this development, the SNB has decided to purchase foreign currency on the foreign exchange market, to prevent any further appreciation of the Swiss franc against the euro. »
This development is extremely positive for gold’s future … because as this recognition grows in the investment community around the world, more and more of them will want to own gold and silver. Already the big money is moving in. These headliners in yesterday’s MIDAS made an impact on me...