Something big happened in Switzerland. The Swiss National Bank (their central bank like our Federal Reserve) surprised the world by uncoupling their unit of currency, the Swiss Franc, from the Euro. This roiled financial markets and put some fx (foreign currency exchange) companies out of business as the Swiss Franc jumped about 30 percent in value in a few minutes.
So, why did they do this? Coincidentally, the day before had seen a decision from the European overseers of the Euro that rebuffed Germany who was trying to, simply speaking, stop Europe from authorizing “QE” or money printing. When the Swiss realized that by allowing the peg to stay in place, essentially tying the Swiss Franc to a sinking, heavy anchor, which they know the Euro will become when the presses get cranked up, they were sending their venerable currency down the rabbit hole of money printing to infinity which is harming many economies around the globe.
Some experts are speculating that Switzerland, being a gold-based country where much of the world’s gold supply is refined, realized that Thursday may have been the time to exit the Euro and go long gold. This decision would make sense if you attribute some intelligence to the Swiss monetary policy makers. The European Union is failing and will be monetarily dead soon. Why tie yourself to a sinking ship?