Safe haven assets are off to a good start in 2026, with widespread uncertainty sending gold and silver to new records and the Swiss franc trading at decade highs.
But in Switzerland, policymakers are watching with apprehension.
The Swiss franc
has already gained 3.5% against the U.S. dollar this year, driven higher amid unpredictable U.S. trade policy, questions over the independence of the Federal Reserve, and the threat of American military intervention in Greenland, Latin America and the Middle East.
That comes after it strengthened 12.7% against the greenback in 2025. On Tuesday, it touched on an 11-year high against the dollar, hovering near those levels on Wednesday morning even as it pared back gains.
