SNB & CHF

Is the currency reset or global monetary reset (GMR) upon us? Russia dumped half their US Treasuries in April ($47.4 billion out of the $96.1 billion it had held) and bought 600k ozs of gold worth less than $800 million in May Has the IMF “pegged” gold to SDRs at 900 SDR per ounce? China stops buying US Treasuries and quietly accumulates gold China has over $3 trillion in fx reserves and Russia has $461 billion...

Overall, June saw a halt to recent declines in euro area business sentiment survey. The final reading for the euro area composite Purchasing Managers’ Index (PMI) rose from 54.1 in May to 54.9 in June, slightly higher than the initial estimate of 54.8. However, the manufacturing PMI fell further, to an 18-month low of 54.9, due to weakness in France and Germany. Growth remains decent in the sector but, as Markit...

With TV recording there’s no need to miss programmes just because they’re on at the wrong time. And, when it’s time to watch them, it’s easy to fast forward through the adverts, something that can’t be done when watching live. ©-Sebastian-L-_-Dreamstime.com_ - Click to enlarge In Switzerland, television recording is offered by big distributers, such as Swisscom, Sunrise and UPC. Broadcasters don’t provide it. While...

Sure, it’s been a bad year for investors, with the S&P posting the smallest of gains in the first half (all of which thanks to tech stocks) after several hair-raising, monthly incidents including February’s vol-spike, April’s real yield scare, May’s Emerging Market massacre and June’s trade war fears as shown in the following Citi chart… … but it’s hardly been apocalyptic: in fact, most of the shocks that took...

Traffic jam in Geneva: bad for the environment, bad for the nation's wallet. (Keystone) - Click to enlarge A government study has found that the so-called ‘external costs’ of various modes of transport collectively increased by almost CHF1 billion during the period 2010-2015. For walkers and cyclists, however, benefits outweigh the costs. The study, published on Thursdayexternal link by the Federal Office for Spatial...

See the introduction and the video for the terms gold basis, co-basis, backwardation and contango. Race to the Bottom Last week the price of gold fell $17, and that of silver $0.30. Why? We can tell you about the fundamentals. We can show charts of the basis. But we can’t get into the heads of the sellers. We can say that in the mainstream view, the dollar is rising. The dollar, in their view, is not measured in gold...

Pictet Wealth Management’s latest positioning across asset classes and investment themes. Asset Allocation On a tactical, rolling three-to-six-month basis, we are tilting away from a bullish to a neutral stance on developed-market equities as trade and political frictions are rising. That said, we remain more upbeat on their prospects after the summer. Recent sell-offs have vindicated our cautiousness regarding...

Swiss Franc The Euro has risen by 0.19% to 1.1629 CHF. EUR/CHF and USD/CHF, July 06(see more posts on EUR/CHF and USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates The first set of US tariffs aims specifically at China were implemented, and the retaliatory actions were also launched. The tariffs cover hundreds of goods, though the initial amount of trade covered is relatively small at $34 bln....

Bitcoin’s origin can be traced back to September 15, 2008. This is the day the investment bank Lehman Brothers announced its bankruptcy and the financial crisis reached its peak. With the bankruptcy of Lehman Brothers a ripple effect set in, several other banks had to be saved by their patrons, the states. These bail-outs wreaked havoc on the debt of many countries, which is why central banks initiated their massive...

Unlike this company being audited in Zurich, many Swiss firms are falling under the radar. (© KEYSTONE / CHRISTIAN BEUTLER) - Click to enlarge About 13,000 companies are not listed in the commercial register – a serious problem, notes the Swiss Federal Audit Office. Increased cooperation with the tax authorities could be a solution.  On Wednesday the office published an evaluationexternal link of how Switzerland has...