You are here
Swiss National Bank shocks markets by scrapping peg to euro
By Alice Baghdjian and Silke Koltrowitz
Reuters
Thursday, January 15, 2015
ZURICH, Switzerland -- The Swiss National Bank shocked financial markets today by scrapping a 3-year-old cap on the franc, sending the safe-haven currency soaring through the 1.20 per euro limit and stoking fears about the export-reliant Swiss economy.
Only days ago SNB officials had described the cap, introduced at the height of the euro-zone financial crisis in 2011 to prevent a surging franc from hobbling growth, as the cornerstone of the bank's monetary policy.
The U-turn, which sent the franc soaring nearly 30 percent against the euro in the chaotic first minutes of trading, came a week before the European Central Bank is expected to unveil a massive bond-buying program that risked forcing the SNB into massive sales of francs for euros to defend the cap. ...
For the remainder of the report:
http://www.reuters.com/article/2015/01/15/us-swiss-snb-cap-idUSKBN0KO0XK...
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:
http://www.goldmoney.com/?gmrefcode=gata
Join GATA here:
Vancouver Resource Investment Conference
Vancouver Convention Centre West
1055 Canada Place, Vancouver, British Columbia, Cananda
Sunday-Monday, January 18-19,2015
http://cambridgehouse.com/event/33/vancouver-resource-investment-confere...
GATA Reception
Free snacks, cash bar
Lions Pub
888 West Cordova St., Vancouver, British Columbia, Canada
5 p.m. Monday, January 19, 2015
* * *
Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:
https://jeffersoncompanies.com/landing/2014-av-powell
Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
