of all people, the swiss moved to weaken their currency. as one central bank after another cuts interest rates to near-zero, all of the paper currencies will depreciate against gold:

The Swiss National Bank moved to weaken the Swiss franc on Thursday, the first time a big central bank has intervened in the foreign exchange markets since Japan sought to weaken the yen in 2004.

The bank’s move, which sparked fears that other countries could follow suit, comes as the value of the Swiss franc has soared as investors seek a haven from the recent market turmoil. In October, after the collapse of Lehman Brothers, it rose to a record high of about SFr1.43 against the euro, a level it has come close to again in recent weeks.

http://www.ft.com/cms/s/0/a9ec76dc-0...