Swiss Franc collapses!!

Anyone who went to sleep long the Swiss Franc is being talked off a ledge this morning. Currency markets have been a thrown for a loop this morning as just before 9 GMT, the news that the SCB has pegged the country's exchange rate at 1.20 Swiss Francs per Euro. When I went to bed last night it was 1.10 Swiss Francs per Euro! The SCB suggested it would purchase an unlimited amount of euros regardless of the risk to maintain that value. This sent the gold market haywire. The minute the news dropped, after being at a record $1921 per ounce, gold fell to $1862 before quickly recovering to $1912. Citing "the current massive overvaluation of the Swiss Franc", the SCB said it will "no longer tolerate" an exchange rate below 1.20 (which they say is still high). Gold is currently $1892 an ounce.