So Swiss National Bank shares soar 64% in 2 months.
The central bank of Switzerland has become a huge hedge fund since it decided in January 2015 to print Swiss francs – for which there is huge global demand – and sell these freshly created francs to buy bonds and stocks that are denominated in euros and dollars. US stocks are a particular favorite. The Swiss National Bank (SNB) has thereby created a fantastical money-fabrication scheme. This scheme is publicly traded. And the shares have become a doozie.
Today, the shares (SNBN) closed at a new high of 3,126 Swiss francs, having soared 64% since July 19 in cryptocurrency-fashion. This chart shows the daily moves since May:
This post was published at Wolf Street on Sep 11, 2017.