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Gold Surges Past $2,000 for Third Time in 3 Years as Global Markets Still Worry About Credit Suisse

The only safe-haven asset going these days. Gold is back to being more than $2,000 an ounce, the third time in 3 years. Image Credit: Reuters Dubai: Gold has again shot past $2,000 an ounce as investors worldwide keep worrying about a continued crisis for the banking sector – even after Swiss bank USBS confirmed it will buy troubled Credit Suisse for $3.23 billion. Gold's surge - it had dropped to $1,974 earlier in the day and then suddenly reversed course past $2,000 - comes as markets and investors worldwide remain unsure of where the banking industry is headed. All…

Gold Prices Hit an All-Time High in India, Australia, and the UK

Spot gold prices hit an all-time high of Rs 61,000 per 10 grams in India on Monday. On a weekly basis, Gold prices are up over 6 percent, marking their best gains over the last four-and-a-half months.Gold prices in Australia also touched their peak of $2,922 an ounce, fuelled by the falling value of the Australian dollar against the US dollar.The Comex gold prices also witnessed a rally, hitting an 11-month high of $1,997.80 per troy ounce.The ongoing banking crisis globally has raised expectations that the US Federal Reserve will ease up on its aggressive rate hike cycle after its…

Gold Prices Set to Skyrocket

Trying to fit a square peg into a round hole. Looking for inflation in All the Wrong Places.Could we have known at the time what headlines would emerge?No. Yet what was apparent is that from central banks to sovereign spending and borrowing to geopolitics to anti-globalism to ongoing raw material issues and food shortages to rising global debt-nothing is as it was.More headlines?Here are a few:Rates-While ECB raises .50-they also say they will cap at 4%Banks--Regional Banks ETF looks lower still with SIVB filing Chapter 11With $300 Billion added to the balance sheet-this is the opposite of QT-and signals a…

Global Gold Market to Reach 6.3 Thousand Tonnes by 2030

ReportLinkerThe global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet.New York, March 20, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Global Gold Industry" - Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job…

Market Turmoil Linked To Credit Suisse Has Spurred Demand For Haven Assets Frank Holmes is the CEO and chief investment officer of U.S. Global Investors. Mr. Holmes purchased a controlling interest in U.S. Global Investors in 1989 and became the firm’s chief investment officer in 1999. In 2006, Mr. Holmes was selected mining fund manager of the year by the Mining Journal, and in 2011 he was named a U.S. Metals and Mining "TopGun" by Brendan Wood International. In 2016, Mr. Holmes and portfolio manager Ralph Aldis received the award for Best Americas Based Fund Manager from the Mining Journal. He is also the co-author of The Goldwatcher: Demystifying Gold Investing. More…

China Finds Huge High-Quality Gold Mine; Deposit Will Yield Critical Resources

Gold Photo: VCG China has discovered a super-large gold deposit, the Xilaokou gold mine in Rushan, East China's Shandong Province, with an estimated reserve of 50 tons, China Media Group reported on Saturday. After eight years of prospecting, the Xilaokou gold mine has become the largest known gold deposit in the region and the largest discovered in 2023 so far, according to the Shandong Provincial Bureau of Geology & Mineral Resources.The deposit contains high-quality gold ore, which can be easily mined and refined, according to the local resources department. The deposit will help China to expand its gold reserves and support the…

Uninsured Deposits by Bank

Uninsured Deposits by Bank: 1. BNY Mellon, $BK: 97% 2. SVB, $SIVB: 94% 3. State Street, $STT: 91% 4. Signature, $SBNY: 90% 5. Northern Trust, $NTRS: 83% 6. Citigroup, $C: 77% 7. HSBC Holdings, $HSBA: 73% 8. First Republic Bank, $FRC: 68% 9. East West Bancorp, $EWBC: 66% 10. Comerica, $CMA: 63% There are now a total of $8 trillion in uninsured deposits in the U.S. Roughly 40% of all deposits are uninsured.This should be an interesting week as prepare for the first Fed meeting since the banking crisis began. Currently, the Fed & Yellen have maintained the view that…

Argentina’s 100% Inflation Is Wearing Down Its Top Companies

(Bloomberg) -- Inflation of more than 100% in Argentina is erasing the advantage the country’s top companies used to have by booking revenue in US dollars.Most Read from BloombergInvestor darlings in the energy sector — natural gas and power producer Pampa Energia SA, pipeline operator TGS SA, and state-run oil driller and refiner YPF SA — are struggling with costs that are coming under pressure from rising prices, which surpassed 100% on an annual basis last month.Read More: Argentina Surpasses 100% Inflation as Sharp Recession LoomsIn the past, Argentine energy companies could compensate for inflation on their balance sheets through…

We’ve Forgotten That Business-Cycle Recessions Are Essential

March 20, 2023 A stagnating zombie economy never recovers. Four decades of rising markets punctuated by crisis-induced crashes seems to have fostered an unspoken belief that no one should ever get hurt in markets or the economy. Everything "should" always get better for everyone, without any messy loss or pain. Not only is this not realistic, it overlooks the role business-cycle recessions play in restoring the vibrancy of economies and markets distorted by excesses. The global economy has been plagued by excessively easy financial conditions for 25 years, and so a vast array of marginal and superfluous activity was funded…

“Powell’s Volcker Moment”: Whatever The Fed Does On Wednesday Will Be A Mistake

A little over a week ago, when realizing the severity of the banking crisis spreading across the regional bank system (and which was about to jump the Atlantic and destroy one of the world's largest banks in a matter of hours), we said that "Powell is trapped: more hikes and CRE leads to tens of billions of incr. losses across banking system (AFS+HTM); small banks now reserve constrained guaranteeing something "breaks." Meanwhile inflation still hot."Powell trapped: more hikes and CRE leads to tens of billions of incr. losses across banking system (AFS+HTM); small banks now reserve constrained guaranteeing something "breaks."…

FedNow Instant Payments Are Coming And CBDCs Will Follow

Authored by Daisy Luther via The Organic Prepper blog,There’s absolutely no doubt that our financial system is in flux right now. We’re watching a storm approach, and it’s about to envelop the entire nation in chaotic conditions. If you think things are crazy now, just hang on to your halo…it’s about to get a whole lot worse.Remember how we talked about CBDCs a few weeks ago, and lots of people in the comments said never, no way, and heck no? Well, unfortunately, it’s being rolled out and soon.Of course, they’re not calling it CBDCs. Not yet.It’s under another name, and…

Russia Bans SWIFT

Banks have been ordered to use the country’s domestic financial messaging systems for transactions The Bank of Russia has forbidden Russian financial institutions to use the SWIFT messaging system for transactions inside the country, the regulator announced on Monday.Starting from October, Russian banks will be obliged to only use domestic services for transferring messages on financial transactions. The use of SWIFT will be allowed only for international payments.“This will ensure reliability, continuity and security of data exchange when conducting intra-Russian transactions,” the regulator said in a statement.Information on such transactions will now need to be transmitted through the Bank of…

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