Gold Price Reaches Record High Amid Bank Failures And US, ECB Rate Hike
This week the price of gold reached an all time high of $2081, amid US bank failures and quarter percent interest rate hikes from the Federal Reserve and ECB.
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Investors sought safety as another US bank faces collapse following the rescues of First Republic Bank by JP Morgan.
Shares in California-based PacWest bank tumbled by 50% and Western Alliance also plunged by almost 40%, as depositors lost confidence.
Watch video version – https://youtu.be/Glb75nkR0rw
Shares in several US regional banks have plummeted causing the collapse of Silicon Valley Bank, while the regulators appeared to limit support to the major banks. This has caused a mass transfer of depositor funds to the safety of a big banks putting the whole regional bank system at risk.
The Bank of England is expected to follow the Fed and ECB and raise UK base rates this month pouring more misery on borrower and driving the economy into official recession.
See: Interest Rates Will Rise, Property Prices Will Fall And Opportunities Will Open Up – https://www.youtube.com/watch?v=ziTf2jOagB8&t=179s
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