EURCHF Tumble Continues: 100 pips In Minutes

[Ares]

This is getting serious boys and girls. Not even an hour ago we wrote about the EURCHF taking out the record 1.1801 low. Minutes later, and the pair has now tumbled another 100 pips and just hit 1.1695 without any indication it will stop. Follow this pair for the most liquid indication if the European house of cards will tumble today. And to celebrate the collapse of Europe's ponzi, Intesa Sanpaolo (remember them?) just got halted after tumbling over 6%.

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/EURCHF%207.11_1.jpg

http://www.zerohedge.com/article/eurchf-tumble-continues-100-pips-minutes

[chad]

gold up over $11, silver sits there. again.

[JJ.G0ldD0t]

That looks bad-

is that BAD?

:o

[Ares]

That looks bad-

is that BAD?

:o

It is if you're in Euro's.

[mamboni]

A bailout of Italy by the ECB would require outright monetization on a massive scale me thinks. The people smell devaluation.

[mamboni]

Swiss Parliament to discuss gold franc

Right-wing party seeks way back to gold standard





By Agnese Smith




http://ei.marketwatch.com/Multimedia/2011/07/07/Photos/MG/MW-AL321_gold_b_20110707162458_MG.jpg?uuid=4535cbac-a8d7-11e0-aad1-002128049ad6
Reuters

ZURICH (MarketWatch) — The Swiss Parliament is expected later this year to discuss the creation of a gold franc — a parallel currency to the official Swiss franc, with the fringe initiative likely triggering a broader debate about the role of the precious metal in the Alpine nation.

The initiative is part of “Healthy Currency,” a campaign sponsored by politicians from the right-wing Swiss People’s Party (SVP) — the country’s biggest — that is seeking to capitalize on popular fears about global financial turmoil and inflation to reverse the government’s current policy on gold.

“I can imagine that this will spark some sort of debate about gold and there may be some pressure to accept the parallel currency,” said Dr. Gebhard Kirchgaessner, an economics professor at St. Gallen University. “But it won’t have any real effect on the economy. It seems incredible to imagine that there are people out there willing to buy millions of these things.”
Switzerland, which in 2000 became one of the last countries to decouple its currency from gold, is not the only place to contemplate a change in the precious metal’s role amid controversy over government involvement in the economy. In March, Utah became the first state in the U.S. to legalize gold and silver coins as currency, while similar legislation was considered in Montana, Missouri, Colorado, Idaho and Indiana.

“I want Swiss people to have the freedom to choose a completely different currency,” said Thomas Jacob, the man behind the gold franc concept. ”Today’s monetary system is all backed by debt — all backed by nothing — and I want people to realize this.”

A good part of the enthusiasm for gold, which provokes strong emotion among many who invest in it, has to do with its price: the yellow metal has more than quadrupled during the last decade and now stands at more than $1,500 per ounce.

http://www.marketwatch.com/story/swiss-parliament-to-discuss-gold-franc-2011-07-07?siteid=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A%20marketwatch%2Fpf%20%28Marke tWatch.com%20-%20Personal%20Finance%20News%29&utm_content=My%20Yahoo

[Horn]

It is if you're in Euro's.

Wonder how the Fed. will cover?

[Ares]

Wonder how the Fed. will cover?

Most likely with our own form of monetization. Think QE3. Europe's Creditors (Same as our Creditors) smell a default. Most likely the Euro-zone will break up if they do.
A very real and possible outcome to our own default. Who's going to stay when uncle sugar can no longer supply the cheap and easy money?

[JJ.G0ldD0t]

Wonder how the Fed. will cover?

Yeah - see I thought I remember Ole Lindsay Williams saying that after the Euro goes to shit- the dollar is next - (following by a couple weeks)

or maybe I just hit my head this weekend...

[chad]

if you've been waiting, here's your chance to get out of the usdx. up 1 point on the news.

[Horn]

Yeah - see I thought I remember Ole Lindsay Williams saying that after the Euro goes to shit- the dollar is next - (following by a couple weeks)

or maybe I just hit my head this weekend...


Somebody could make a bunch of money off this, if the had a bunch of money.

Germany must be catching on, this thing was created to steal their reunion fire?

[Horn]

Is that a live chart, or did the auto-switches shut things down for today?

[Canadian-guerilla]

Is that a live chart, or did the auto-switches shut things down for today?

LIVE

http://ca.finance.yahoo.com/q?s=EURCHF=X