You are here

Swiss franc fades leaving gold as haven currency

Section: Daily Dispatches

Swiss Franc Grapples With Safe-Haven Identity Crisis After Credit Suisse

By Samuel Indyk
Reuters
Friday, March 24, 2023

LONDON -- The Swiss franc hasn't lived up to its safe-haven reputation during the Credit Suisse collapse, as investors have sought shelter elsewhere, bringing more of a boost to the value of the gold in Switzerland's bullion vaults than to its currency.

Money managers ditched the Swiss franc at the fastest rate in two years last week in the run-up to the dramatic takeover of Credit Suisse by UBS.

The Swissie, often used as a refuge in times of market stress or volatility, lost 0.9% against the dollar in the week after the Swiss finance department said regulators were closely monitoring the situation at Credit Suisse on March 13.

... Dispatch continues below ...


... ADVERTISEMENT ...

Buy, Sell, or Store Precious Metals with Money Metals Exchange

Money Metals Exchange, a national bullion dealer recently named "Best Overall" by Investopedia.com --

https://www.moneymetals.com/news/2021/02/01/best-overall-precious-metals-dealer-002213

-- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals.

Shop online with Money Metals Exchange here --

https://www.moneymetals.com/buy

-- or by calling 1-800-800-1865.

Meanwhile, Money Metals Depository will store your precious metals in a segregated account at low cost:

https://www.moneymetals.com/depository


In that same time, Japan's yen, which is also seen as a refuge in times of tumult, rose 2.6% against the dollar. Since troubles emerged at Silicon Valley Bank on March 9, the yen has gained over 5.5% against the dollar.

Gold, another traditional safe haven, rose over 5% in the week after March 13 to above $2,000 an ounce, its highest in over a year, while government bonds saw some of their biggest inflows in decades. ...

... For the remainder of the report:

https://tinyurl.com/4h36ffsx

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at: bagman1236@aol.com

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://tinyurl.com/3xt6uw66

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16