Gold Smashes $4,600 Barrier as "Debasement Trade" Accelerates; CHF Outperforms

London/New York — The traditional safe-haven playbook has been rewritten in 2026. With geopolitical tensions flaring over Greenland and the White House placing increasing pressure on the Federal Reserve, investors are aggressively pivotting away from fiat currencies and digital assets into hard assets.

• Gold (XAU/USD) hits ATH of $4,690.46
• Silver rallies 3.2% to trade near $94.00
• USD/CHF slips below the 0.8000 handle
• Bitcoin (BTC) breaks below $92,000

Precious Metals Go Parabolic

Spot Gold (XAU/USD) has staged a vertical rally, surging 1.5% intraday to an all-time high of $4,690.46 per ounce. Silver has joined the frenzy, jumping 3.2% to trade near $94.00, marking a year-to-date gain of over 30%.

Market analysts attribute the move to a “perfect storm” of drivers:

• Geopolitical Risk: The US-Europe tariff row has triggered classic risk-aversion.
• Fed Independence Fears: Market participants are hedging against the potential politicization of U.S. monetary policy.
• Valuation Metrics: The Gold-to-M2 money supply ratio is re-testing historical peaks seen in the 1930s and 1980s.

Swiss Franc: The FX Kingmaker

In the currency markets, the Swiss Franc (CHF) remains the primary beneficiary of the turmoil. USD/CHF has slipped below the psychological 0.8000 handle, as the threat of European instability paradoxically drives flows into the continent's neutral vault. “The Franc is attracting fresh buyers as the US-EU tension revives demand for non-Dollar liquidity,” noted strategists at Scotiabank.

Bitcoin Falters as Narrative Shifts

Conversely, the “digital gold” narrative is fracturing under pressure. Bitcoin (BTC) tumbled over 3%, breaking below $92,000. The correlation between crypto and risk assets (like the Nasdaq) remains tight, and the tariff news has dampened the speculative mania seen earlier in the year.