Another night of deep red on Wall Street last night and another night of gold and silver price strength in the face of it. Markets were rocked by the surprise rate hike of 50bps by the Swiss National Bank but more particularly the expected sell off of their mountain of US shares, particularly the ultra vulnerable FAANGs they’ve gone heavy on. The NASDAQ ended the session down 4.1%. But it wasn’t the Swiss alone. More broadly we are seeing a set up mirroring the huge gold rallies of the 70’s and 2000’s.