2 notes if I may. Timmins . Then the Swiss and Neg. interest
Congratulations to all at Timmins. Sure is good to be in a position of strength.
Submitted by Tyler Durden on 12/18/2014 - 06:43
Everyone thought that any major monetary policy surprises and/or capital controls today would come from Putin during his annual press conference. Boy were they wrong: just after 2 am Eastern, none other than the Swiss National Bank joined the ranks of the ECB in scrambling to stem the wave of capital flight, not to mention the cost of money, when it announced it too would start charging customers for the privilege of holding cash in its banks, when it revealed a negative, -0.25% interest rate on sight deposits: a step which according to the SNB was critical in maintaining the 1.20 EURCHF floor.