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Gold And Silver Are Surging

Gold chainstiffa130

Gold and silver are surging.

After a 2% spike in gold yesterday, it was up another 1% or so to $US1,276 per ounce near 11 am ET. Silver jumped 1.4% to $US17.32 an ounce.

Bloomberg is reporting that the move in gold comes as investors scramble for a safe haven after yesterday’s surprise move by the Swiss National Bank to remove the franc’s peg against the euro.

The euro fell 14% against the franc after the announcement, in an unprecedented move for a major currency.

There have already been major casualties following the SNB’s announcement, including Interactive Brokers which lost $US120 million, and Deutsche Bank which lost $US150 million.

Even the SNB itself saw 12% of its reserves — about 60 billion francs — walk out the door. FXCM, the largest US currency broker, fell 90% in pre-market trading before being halted in anticipation of news related to yesterday’s event.

Here’s a chart of gold showing the big move yesterday and this morning, as the carnage became clearer.

Screen Shot 2015 01 16 at 10.18.08 AMFinViz

And here’s the chart for silver.

Screen Shot 2015 01 16 at 10.08.44 AMFinViz

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