"The new year has ushered in a remarkable and unexpected turn of events for gold. It is up significantly in four of the seven top currencies (the euro, British pound, Australian and Canadian dollars), up respectably in two others (U.S. dollar and Japanese yen) and down slightly in the last (Swiss franc).
Gold was performing similarly in the Swiss franc until the Swiss National Bank pulled the rug on its peg – a maneuver that resurrected the safe haven status of the currency. Though some lament the sudden policy change as damaging to the domestic economy, Switzerland’s principle business remains banking and a solid currency lends itself to a growing deposit base. In the end a strong currency is likely to support the Swiss economy over the long haul, particularly as the European Union attempts to print its way out of the sovereign debt problem and underlying banking crisis."