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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon made a bold call on Monday: his firm’s rescue of First Republic Bank ended the initial phase of the turmoil engulfing banks.
Oil dropped below $70 a barrel and US regional lenders slumped as the prospect of a recession and worries about financial stability weighed on markets ahead of the Federal Reserve’s rate decision.
Morgan Stanley, UBS Pick Bonds Over Stocks on Recession Risk: S&P500 Bears Reload on ShortsMay 3, 2023 - 05:13:21 PDT
The threat of recession is making debt securities a safer bet, while the stock market is yet to price in those risks.
The US regional banking crisis is far from over and the Federal Reserve should pause its rate hike campaign, according to former Federal Reserve Bank of Dallas President Robert Kaplan.
Federal Reserve Expected to Raise Interest Rates 0.25%, Investors Debate Next StepsMay 3, 2023 - 05:11:41 PDT
For months now, investors have debated whether the Fed would be done raising interest rates. As markets prep for Wednesday's policy decision, the same question continues to circulate — is this the end for the Fed?
European stocks and U.S. stock futures rose on Wednesday with hopes hinging on the Federal Reserve signalling later in the day that U.S. interest rate hikes might peak soon and the soft landing that central banks have been angling for is in sight. On Tuesday, U.S. regional banks were hammered, with PacWest Bancorp down 27.8%, Western Alliance Bancorp , tumbling...
Texas Committee Passes Bill to Create 100% Reserve Gold and Silver-Backed Transactional CurrenciesMay 3, 2023
On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
Is the rate hike pause in play?That question remains up for debate after the May Federal Reserve Open Market Committee meeting.But when you break it all down, the underlying economic reality is far more important than the messaging coming from Powell and Company. And the underlying economic reality is that inflation isn't beat and the economy is heading toward a cliff.
All major categories of silver demand charted highs in 2022, contributing to a new total global silver demand record of 1.242 billion ounces.This is one of several silver-related stories in the latest edition of Silver News published by the Silver Institute.
The failure of First Republic Bank reveals that the banking system isn't nearly as sound as Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell would have us believe. But as Peter explained in a recent podcast, it's not just the banking system that's messed up. The Fed has screwed up everything that is a function of interest rates by keeping rates at zero for so long.
When you think nothing can shock you anymore, it does. I was completely stunned by how high Barrick's cost of production increased in the first quarter of 2023. Barrick surpassed Newmont with the highest cost to produce gold in the industry. I see even worse results for smaller gold miners...
May 2, 2023 - 13:58:02 PDT
All major silver groups recorded high demand in 2022, contributing to a new total global record of 1.242 billion ounces. In particular, industrial demand – which makes up nearly half of all silver demand – rose by 5 percent, physical silver investment rose by 22 percent, jewelry increased 29 percent, and silverware jumped 80 percent.
I Believe Probably the WORST FINANCIAL CRISIS IN ALL OF HISTORY is Playing OutMay 2, 2023 - 13:47:37 PDT
The mainstream media would have you believe the banking crisis is over…In today’s video, Mike examines the timeline of how the banking crisis started – and what could be coming next. Turns out there are some jarring similarities between what we’re seeing today and the events that led to 2008.It’s all in Mike’s latest video. Check it out and get all the facts for yourself.
Gold extended gains on Tuesday and was on track for its biggest daily rise in a month, as yields dropped on renewed fears of contagion in the U.S. banking sector, ahead of the Federal Reserve’s widely anticipated decision to hike interest rates.
Premiums for gold and silver Eagles are at all-time highs because of shortages caused by the Mint's embarrassing production failures. This also contributed to demand for alternative products and put pressure under those premiums as well.
The latest data from the Federal State Statistics Service (Rosstat) has revealed that Russian gold miners produced 26.5% more gold in March 2022 compared to the same period last year. Additionally, gold production in March increased by more than 30% when compared to the previous month, and the first quarter figure was 9.1 percent higher than the same period last year...
Even after the sale of First Republic, investors are worried about challenges that regional banks still face, imperiling the economy.
May 2, 2023 - 12:41:15 PDT
The chief economic adviser at Allianz warned of four notable unintended consequences for the US financial system, that could emerge from the final outcome of the First Republic narrative.
Stanley Druckenmiller, the legendary hedge fund investor and long-time deficit hawk, said the current impasse over the debt ceiling is dwarfed by the dangers of unchecked future government spending.
US companies are turning to derivatives to lock in future borrowing costs, as corporate finance chiefs worry that financing will grow more expensive amid stubborn inflation, even if markets are bracing for rate cuts in 2023.