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EURCHF Hits Fresh All Time Low

Courtesy of Tyler Durden

When looking at the price of gold, one wouldn’t necessarily get the impression that there a material flight to quality. After all the shiny metal is a whopping $40 from its all time highs, courtesy of recent profit taking in the best performing asset class in 2010. Yet not all is well in Europe, where the EURCHF just plunged to a fresh all time low, as the flight to Swiss safety continues. At 1.2683, the EURCHF was lower in… never. What is odd is that for the time being this asset reallocation is ignoring precious metals. Yet the currency which is so far the most proximal compliment to gold, courtesy of the SNB’s relatively prudent monetary policy, is indicating that gold should also be at record highs. In other news, expect Philipp Hildebrand to start panicking sooner or later: at the current rate of collapse, Switzerland can kiss its exports goodbye.


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