Silver has spiked over 4% overnight with gold trailing with a 1% rise. Markets are still roiling in the wake of the Swiss National Bank de-pegging the Franc from its tight exchange band with the Euro. Fallout from the surprise decision is still being felt in 10%+ declines in major Swiss firms share prices and more worryingly several trading firms dealing in FX have collapsed due to leverage extended to their clients for EUR:CHF shorts. Shades of the MF Global collapse could be on the cards over the coming weeks.
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