Switzerland still has a conservative financial system, and may benefit from a "flight to safety" as the euro deteriorates. That might be his reason for buying francs.

Francs used to be backed by gold, and might still be partially backed by gold. I think they are not redeemable in gold anymore, but that the country keeps a large supply of gold onhand. So, sort of a partial fiat currency.

However, one can own gold directly, which provides a hedge against all currency risk. It sounds like this is what he is doing, and then also holding some francs against a panic in europe.