--- title: Syz The Moment | switzerland (5) description: switzerland | Syz The Moment (5) --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thoughts](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thoughts) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 7 Mar 2025 - - - #### The Swiss gold avalanche to the US Source: www.zerohedge.com [#gold|](https://blog.syzgroup.com/syz-the-moment/tag/gold) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![The Swiss gold avalanche to the US](https://blog.syzgroup.com/hubfs/1741297239443.jpg) ![The Swiss gold avalanche to the US](https://blog.syzgroup.com/hubfs/1741297239443.jpg) 21 Feb 2025 - - - #### BREAKING: 85% OF SWISS GOLD EXPORTS NOW HEADING TO THE USA. Gold exports from Switzerland rose year on year in January as supplies to the United States soared to the highest in at least 13 years and offset lower deliveries to top consumers China and India, Swiss customs data showed on Thursday. Switzerland, the world's biggest bullion refining and transit hub, alongside Britain which is home to the world's largest over-the-counter gold trading hub, saw a surge in gold transfers to the U.S. in recent months as President Trump readies wide-reaching import tariffs that some market participants fear could affect gold deliveries. The concern has widened the price premium between U.S. gold futures and London spot prices, attracting massive deliveries to Comex gold inventories. According to the Swiss data, gold exports from the country to the U.S. rose to 192.9 tons in January from 64.2 tons in December. This was the highest monthly amount of exports in the customs data going back to 2012. Trump has not mentioned precious metals are likely to be targeted at all, but since late November, when he pledged to impose tariffs on imported products from Canada and Mexico, 20.4 million troy ounces (636 metric tons) of gold worth $60 billion at current prices were delivered to Comex-approved warehouses. These deliveries raised Comex gold stocks by 116% to 38.0 million ounces, the highest since March 2021, and tightened liquidity in the London OTC market. Source: Yahoo Finance, Make Gold Great Again on X [#gold|](https://blog.syzgroup.com/syz-the-moment/tag/gold) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![BREAKING: 85% OF SWISS GOLD EXPORTS NOW HEADING TO THE USA.](https://blog.syzgroup.com/hubfs/6-Feb-21-2025-08-30-40-3970-AM.jpg) ![BREAKING: 85% OF SWISS GOLD EXPORTS NOW HEADING TO THE USA.](https://blog.syzgroup.com/hubfs/6-Feb-21-2025-08-30-40-3970-AM.jpg) 4 Feb 2025 - - - #### UBS Group AG profit for the final quarter of 2024 beat expectations, aiding the Swiss bank in boosting buyback plans for this year to $3 billion. Net income for the three months to December came in at $770 million, compared with a forecast for $486 million. Source: WSJ [#banking|](https://blog.syzgroup.com/syz-the-moment/tag/banking) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![UBS Group AG profit for the final quarter of 2024 beat expectations, aiding the Swiss bank in boosting buyback plans for this year to $3 billion.](https://blog.syzgroup.com/hubfs/2-Feb-04-2025-08-18-44-2211-AM.jpg) ![UBS Group AG profit for the final quarter of 2024 beat expectations, aiding the Swiss bank in boosting buyback plans for this year to $3 billion.](https://blog.syzgroup.com/hubfs/2-Feb-04-2025-08-18-44-2211-AM.jpg) 15 Jan 2025 - - - #### On this day of 2015, the SNB (Swiss National Bank) discontinued the minimum exchange rate of 1.20 EUR/CHF... This "quasi-peg" level never got revisited. Meanwhile, the 0.95 new support level does not seem to hold. Today we trade at 94 cents and many traders do have 90 cents in mind. And even much lower levels... Good luck... Source chart: Brian Reutimann [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![On this day of 2015, the SNB (Swiss National Bank) discontinued the minimum exchange rate of 1.20 EUR/CHF...](https://blog.syzgroup.com/hubfs/15-Jan-15-2025-02-02-50-4551-PM.jpg) ![On this day of 2015, the SNB (Swiss National Bank) discontinued the minimum exchange rate of 1.20 EUR/CHF...](https://blog.syzgroup.com/hubfs/15-Jan-15-2025-02-02-50-4551-PM.jpg) 3 Jan 2025 - - - #### Swiss Bitcoin Initiative: Proposal Seeks to Add Bitcoin to National Reserves - see below some explanations by @BraveNewCoin 🔴Efforts are underway in Switzerland to amend the Swiss Federal Constitution to mandate the Swiss National Bank (SNB) to hold Bitcoin alongside gold as part of its monetary reserves. This ground breaking initiative, officially registered in the Federal Gazette on December 31, 2024, seeks to position Switzerland at the forefront of global Bitcoin adoption ‼️ 👉 The Proposal and Its Architects The initiative, titled “For a financially sound, sovereign, and responsible Switzerland,” was spearheaded by Giw Zanganeh, Tether’s Vice President of Energy and Mining, alongside Yves Bennaïm, founder of the Swiss Bitcoin nonprofit think tank 2B4CH. Eight additional Bitcoin advocates collaborated on the proposal, which requires 100,000 signatures by June 30, 2026, to trigger a national referendum. This threshold represents roughly 1.12% of Switzerland’s population of 8.92 million. 👉 If successful, the proposed amendment would revise Article 99 Paragraph 3 of the Swiss Federal Constitution to state: “The National Bank builds up sufficient monetary reserves from its own earnings; part of these reserves are made up of gold and Bitcoin.” 🚨 The official PDFs (and instructions) are here 👇 : if you are Swiss you can sign and send it back to BITCOIN VOLKSINITIATIVE, POSTFACH 521, 6440 BRUNNEN [#bitcoin|](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![Swiss Bitcoin Initiative: Proposal Seeks to Add Bitcoin to National Reserves - see below some explanations by @BraveNewCoin](https://blog.syzgroup.com/hubfs/1-Jan-03-2025-02-56-39-1462-PM.png) ![Swiss Bitcoin Initiative: Proposal Seeks to Add Bitcoin to National Reserves - see below some explanations by @BraveNewCoin](https://blog.syzgroup.com/hubfs/1-Jan-03-2025-02-56-39-1462-PM.png) 12 Dec 2024 - - - #### Swiss National Bank (SNB) halved its interest rate with 50bps cut, in the current context of weak inflation, upward pressures on the Swiss franc and worrying dynamics in neighboring European countries. The 50bp rate cut is half-a-surprise for financial markets, that were not fully convinced of the possibility of such large movement and were rather pricing a 25bp rate cut. swiss franc initially weakened 0.5% vs the Euro. But it is already back to 0.93. OUR TAKE (based on our Chief Economist Adrien Pichoud views) 👉 Swiss CPI inflation has slipped below 1% in the 4th quarter of 2024 (+0.7% in November) and it is expected to slow further in 2025. The SNB expects inflation to hover just above zero (+0.2%/+0.3%) for most of next year before picking up slightly as 2026 draws near. By averaging +0.3% in 2025, the inflation rate would be at the very bottom of the 0-to-2% range that the SNB targets. 👉 As the Swiss economy faces headwinds from the strength of the Swiss franc and the weakness of economic activity in Germany and most other European economies, monetary policy has no reason to be restrictive and had to be adjusted. After today’s rate cut, the monetary policy stance is about neutral (with a real short-term rate close to 0%). 👉 Looking ahead, more rate cuts are to be expected in 2025. We expect the CHF short-term rate to be lowered to 0.0% by June next year, with 25bp rate cuts at the March and June meetings. 👉 Will Switzerland move back to NEGATIVE RATES? This is not our scenario at this stage, even if it wasn’t ruled out by Mr Schlegel recently. Potential undue upward pressures on the CHF will then likely be addressed with interventions on the FX market and a possible expansion of the SNB’s balance sheet size. It would require a significant deterioration in global growth and inflation dynamics next year for the SNB to be pushed back into negative interest rate policies. Source chart: Bloomberg [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![Swiss National Bank (SNB) halved its interest rate with 50bps cut,](https://blog.syzgroup.com/hubfs/1-Dec-12-2024-01-32-53-1483-PM.jpg) ![Swiss National Bank (SNB) halved its interest rate with 50bps cut,](https://blog.syzgroup.com/hubfs/1-Dec-12-2024-01-32-53-1483-PM.jpg) 29 Nov 2024 - - - #### BREAKING: Switzerland passes legislation to study how Bitcoin mining can balance the grid and use wasted energy \[Dennis Porter\] - Bitcoin Archive [#Crypto|](https://blog.syzgroup.com/syz-the-moment/tag/crypto) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![BREAKING: Switzerland passes legislation to study how Bitcoin mining can balance the grid and use wasted energy](https://blog.syzgroup.com/hubfs/6-Nov-29-2024-12-46-24-3970-PM.jpg) ![BREAKING: Switzerland passes legislation to study how Bitcoin mining can balance the grid and use wasted energy](https://blog.syzgroup.com/hubfs/6-Nov-29-2024-12-46-24-3970-PM.jpg) 31 Oct 2024 - - - #### The Swiss National Bank made a solid nine-month profit on rising equities, bonds and gold prices, increasing the chances for a restart of profit distributions after a two-year break. Switzerland’s central bank notched up a gain of 62.5 billion francs ($72 billion) for the first nine months of the year, it said on Thursday. Although the strong franc ate into the results, the SNB extended its profit during the July-September period. Source: Bloomberg [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) ![The Swiss National Bank made a solid nine-month profit on rising equities, bonds and gold prices, increasing the chances for a restart of profit distributions after a two-year break.](https://blog.syzgroup.com/hubfs/6-Oct-31-2024-04-18-45-5618-PM.jpeg) ![The Swiss National Bank made a solid nine-month profit on rising equities, bonds and gold prices, increasing the chances for a restart of profit distributions after a two-year break.](https://blog.syzgroup.com/hubfs/6-Oct-31-2024-04-18-45-5618-PM.jpeg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/switzerland/page/4) [3](https://blog.syzgroup.com/syz-the-moment/tag/switzerland/page/3) [4](https://blog.syzgroup.com/syz-the-moment/tag/switzerland/page/4) [5](https://blog.syzgroup.com/syz-the-moment/tag/switzerland/page/5) [6](https://blog.syzgroup.com/syz-the-moment/tag/switzerland/page/6) [7](https://blog.syzgroup.com/syz-the-moment/tag/switzerland/page/7) [❯](https://blog.syzgroup.com/syz-the-moment/tag/switzerland/page/6) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/switzerland/page/8?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. Follow us ## **Thinking** out loud - - - - ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/)