Thursday, 15 January 2015

Jim Wyckoff: SNB Black Swan Event Rocks Gold.

"Excitement is back in the gold market, as the metal hit a 4-month high on Thursday, following the Swiss National Bank’s unexpected currency peg drop. Now, what does this mean for gold? Jim Wyckoff joins Kitco News to explain how he sees this affecting the precious metals as well as the currency markets moving forward. “This move by the [SNB] was just a shock to the marketplace,” he says. “In fact, some veteran market watchers are saying that the abandoning of the peg from the Swiss franc to the euro is probably the biggest news in the past 25 years.” Tune in now to see how he rates gold and silver under current market conditions. Kitco News, January 15, 2014."

Gold Surges More Than 2% On Unexpected Swiss Bank Capitulation On Euro Cap.

  "We have the total blow out in the FOREX today on unexpected SNB move to discontinue its Euro peg. Now you can appreciate what will happen to Gold and Silver in the future when US Dollar - the most crowed Long trade will be unwinding. Gold is breaking above the very important 1250 level and Silver is above $17 now. Swiss Franc has surged 14% against Euro and Swiss market is down  -14% - the largest one day drop in its history. This is what happen when Central Bank's put is taking out. Now with Oil down more than 50% and this FOREX extraordinary move we can expect the spectacular blow up in one of the major financial players. Gold price will be the indication of the level of stress in the financial system.
  CNBC has aired very interesting interview with the head of IMF Christine Lagarde. According to her: IMF was NOT informed in advance by SNB about its change of policy. In Central banks world it is a No-No. So what is really going on now? Read more."

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