– £8.2 billion on foreign currencies. +£7.8 billion on gold. -£0.5 billion in total. Behind these seemingly technical figures lies an eminently political reality: a central bank attempting to disguise a structural erosion as a simple cyclical fluctuation.
Rhetoric to normalise the abnormal
In its statement, the Swiss National Bank (SNB) hammers home that its results «depend on the markets» and that «strong fluctuations are the norm.» This semantic aim is to dilute the institution's responsibility into an abstraction: the «Market.» As if these losses were a meteorological phenomenon, beyond all human control.
Or, it’s not about the weather, but about strategy. Private banker and gold expert Ferdinand Lips had, however, warned us in his book Gold Wars :
«Central banks have ceased to be the guardians of monetary stability, becoming instead the hostages of global capital markets.»
The heart of the problem: metamorphosis into a hedge fund
For years, the SNB has been accumulating colossal foreign currency positions under the pretence of stabilising the franc. What is presented to us as prudent management is, in reality, the transformation of our central bank's balance sheet into a giant hedge fund.
This strategy engenders:
- A slavish dependence to the decisions of the ECB and the Fed.
- A dilution of our sovereignty Switzerland is no longer master of its currency; it is being dragged along by the debts of its neighbours.
Gold: the last bastion of reality
Without the revaluation of gold (+7.8 billion), the loss would have been abysmal. This point is the great unsaid of the official communication. It reveals a stark truth: what is tangible (gold) compensates for what is artificial (currencies). Lips already highlighted this schizophrenia of monetary institutions:
«Gold isn't just a metal; it's the only currency that isn't someone else's debt. By moving away from it, you shackle yourself to permanent instability.»
The spiral of addiction
The current model is a headlong rush into the unknown. To weaken the franc and support exports, the SNB is injecting liquidity and buying currencies that nobody wants.
- Intervention to devalue the franc.
- Accumulation of foreign paper money.
- Exposition major external crises.
- Communication to anaesthetise citizen vigilance.
It's no longer monetary policy; it's a dollar and euro addiction.
Conclusion: The truth behind the numbers
This half-billion loss is not a slip-up, it's a Symptom. That of a system that sacrifices the intrinsic quality of our currency on the altar of permanent crisis management.
The SNB is fostering a form of collective resignation by presenting abnormality as the norm. But be careful: if gold has saved appearances this quarter, it will not be able to indefinitely conceal the cracks in a structure built on the sand of fiat currencies. As long as the reality is not acknowledged — a monetary flight forward — the losses will continue to erode Swiss wealth.
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