In the excellent interview below, Jim Rickards explains why the first shots of the currency war have been fired in Europe:

Whenever you have to Peg something, it tells you that you’re fighting the market- because you’re attempting to keep the market from going to a certain level.   Central banks and hedge funds almost always lose when you’re fighting the whole market
The Swiss National Bank’s actions- I look at it like a Hedge Fund hitting a stop and saying “Hey, I hit the level, I gotta get out of the trade”. 
The Swiss were going to end up owning all the Euros in the world!  The Swiss’ actions connect to the ECB’s  QE.  
The credibility of the SNB is in shreds.  They came out and lied to their people.   The SNB told the Swiss to Vote No on the Swiss Gold Referendum because if you vote yes, we’ll have to break the peg, and we don’t want to break the peg.  They lied to their own people and the markets- their credibility is in shreds.  All Central Banks are manipulating markets, and its very damaging. 

Rickards full interview is below: 

In this MUST WATCH Bloomberg interview, Peter Schiff warns that China is poised to follow in the footsteps of the Swiss National Bank, and ditch the dollar peg- resulting in the Yuan soaring and a collapse of the dollar. 
Schiff warns the fallout will be a 10 on the economic Richter scale, and will occur prior to the end of 2015, when the Fed announces QE4- “which will be bigger than QE1, 2, & 3 COMBINED
Schiff’s full MUST WATCH interview is below: 

Is gold a safe haven? Mark O’Byrne, executive and research director at GoldCore, told CNBC yesterday that yes it is.
He explains why the Swiss National Bank’s recent decision was “icing on the cake” for gold and shows how gold thrives in a volatile environment.
Watch the full interview while you can, as O’Byrne explains to the CNBC viewership the difference between PHYSICAL gold and electronic/paper gold, which O’Byrne advises there is “No point in owning due to counter-party risk”. 

Full interview is below: 

It would seem that last week’s rally in gold was Swiss National Bank-driven, plain and simple. 
It is difficult to get a handle on the ramifications of what just happened with the Swiss “unpegging” from the Euro.
It was becoming prohibitively expensive for the SNB 
to keep buying Euros and trashing their own economy in the process.  Ostensibly, this is a tale of a central bank telling the US and the rest of the EU, enough!  We have had it, and we are now going to be more fiscally responsible.
But the truth is not always as it seems…


A day after the Swiss National Bank SHOCKED the market by de-pegging the franc from the Euro, causing a 30% move in the CHF Thursday, Jay Taylor joins The Doc & Eric Dubin to break down all of the implications: 

  • Currency fluctuations could cause massive derivative bombs
  • Why we’re witnessing the destruction of capitalism 
  • Jay explains why we may soon see carnage in the equity markets 
  • Hard to see a way out of this for the Central Bankers- THIS IS NOT GOING TO END WELL!
  • Has the Swiss National Bank ended Central Bank PM Manipulation, and kicked off the 3rd stage of the secular PM bull? 

The SD Weekly Metals & Markets With The Doc, Eric Dubin, and Jay Taylor is below: 

Craig Hemke (aka Mr. Turd Ferguson) hooked-up with Rory over at The Daily Coin to talk about all the fur flying in the currency markets on Thursday as the Swiss National Bank sent shockwaves through the financial markets by de-pegging the CHF from the Euro.
Craig explains all the details and implications of the Swiss leaving the Euro behind and “saving themselves.”

gold vaultA rightwing group has submitted more than 106,000 signatures to the federal authorities, seeking a vote on stopping the sale of gold reserves held by the Swiss National Bank (SNB). It also wants gold bars stored in the US to be returned.

The group, led by members of the Swiss People’s Party, the far-right Swiss Democrats and the Lega dei Ticinesi movement, is confident a nationwide vote will be called on the issue once the signatures are verified. A date still has to be set by the government. The collection of the necessary 100,000 signatures over 18 months was hard going but a last-minute effort ensured they reached the goal in time, activists said on Wednesday. People’s Party parliamentarian Luzi Stamm criticised the sale of gold reserves which started 13 years ago following a decision to abandon the gold standard.

The initiative also seeks to enshrine in the constitution a clause obliging the central bank to keep a minimum of 20 per cent of its assets in gold, twice the current level.

With last week’s announcement by the Bundesbank of the repatriation of 674 tons of German gold from Paris and NY over the next 7 years, we predicted that an avalanche of gold repatriation requests would soon be made to the BOE and the NYFed. 
It appears that Switzerland may be next to the game, much to the dismay of the SNB.  The Swiss gold initiative, an initiative to Secure the Swiss National Bank’s Gold Reserves, launched in March 2012 by four members of the Swiss parliament, has grown to 90,000 supporters. 
Once 100,000 supporters are achieved, the Swiss Parliament must take up the referendum

The initiative asserts that the Swiss people should have a right to vote on 3 things, none of which will please the banking cartel: