SNB action supports the Gold play.

The Swiss National Bank announced today that it will monetize government and private sector debt and that it will intervene in FX market to weaken the CHF.

Gold immediately rallied.

Headlines such as:

"Swiss action sparks talk of 'currency war' " from FT, "Gold rises as SNB currency sale spooks market" from Globe Mail and "Stay short the Franc, buy Gold" from the National Post" highlight the point that Gold is a substitute for fiat money. It should at the margin add to investors contemplation of Gold as a necessary part of an investment portfolio.