Silver Price Breaks Out on Swiss France Euro Decoupling

Silver broke out from a Head-and-Shoulders bottom on Friday, a day after gold did the same following the news that the Swiss Franc is to be decoupled from the euro. In the face of the impending QE tsunami in Europe, the Swiss have decided to call it a day and give up supporting the euro peg and retreat to the relative safety of the mountains, where at least they will have a plentiful supply of their high quality cheese and chocolate, as foreigners are less able to buy it. The reason that gold and silver broke higher is that the Swiss move is an unwelcome reminder of the ongoing and intensifying global currency war, characterized by competitive devaluation and bouts of QE. When there is more and more money and it buys less and less, gold and silver must go up in price – that’s not too difficult to understand, is it??