Gold has all the potential to go unprecedentedly high. But silver will be gold on
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I believe what is starting to unfold will be 2008 x five unless the Fed and the other big Central Banks print enough money to monetize the fraud in the banking system. But if the Fed takes that kind of action, the dollar will likely collapse.
US Leading Economic Indicators Tumble For 11th Straight Month, Signal Recession ImminentMar 17, 2023 - 08:27:12 PDT
This is the 11th straight monthly decline in the LEI (and 12th month of 14) - the longest streak of declines since 'Lehman' (22 straight months of declines from June 2007 to April 2008)
We knew this was the endgame more than two weeks ago when we reported that "Credit Suisse Crashes To All Time Low After Boosting Deposit Rates To Reverse Bank Run" in which we reported that after a quarter of "staggering" bank runs, the second largest Swiss bank - clearly panicking - was offering a 6.5% annual rate on new three-month deposits of $5 million or above...
How many times do we have to go down the duration mismatch road with fractional reserve lending and nearly $9 trillion of Fed QE to prove the current banking doesn't work?
Fed Loaned $160 Billion to Banks and $142 billion to FDIC. But QT-Related Roll-off ContinuedMar 17, 2023 - 07:41:23 PDT
At around 4.75%, plus collateral, these are expensive loans for banks.
Mar 17, 2023 - 07:37:37 PDT
Fed Dead Redemption! Flight To Safety As US Treasury 10-Year Yield Drops -16 Basis Points And Fed Discount Window Soars (Wrong Way Yellen Strikes Again!)
Mar 17, 2023 - 07:27:09 PDT
So, the Biden Administration made a horrible error by guaranteeing deposits at Silicon Valley Bank for deposits over $250,000. Essentially, Biden bailed out big tech that kept their deposits at SVB.
Are the large entities finally recognizing the inevitable and investing in gold? Join Mike Maloney as he delves into the exciting topic of a major shift in momentum for precious metals.
Gold prices rose on Friday, seeing their biggest weekly gain since mid-November as a global banking crisis sent investors flocking to the safe haven metal.
Argentina’s central bank raised its benchmark rate Thursday for the first time since September after annual inflation surged above 100% last month, according to a monetary policy statement.
Mar 17, 2023 - 06:10:24 PDT
Cry for Argentina! Their central bank boosted its benchmark Leliq rate by 300 basis points to 78%. The monetary authority’s board considered the increase in response to accelerating inflation and after leaving the key rate unchanged for several months.
Fed Announces Launch Of 'FedNow' Real-Time Payment System, Sparking DebateMar 17, 2023 - 06:09:43 PDT
The Federal Reserve has announced a timeline for the launch of its long-awaited FedNow payment service that will let banks offer customers instantly available funds and execute real-time payments, with critics flagging concerns like lack of cross-border payment processing and raising questions about surveillance.
The Justice Department has announced it is investigating the banking crisis. It will undoubtedly charge that banking officials are responsible for the crisis. One thing is for sure: It will not indict the Federal Reserve System, which is the root cause of the crisis. In fact, in its search for scapegoats, it will not even acknowledge the Fed’s role in the crisis.
Mar 17, 2023 - 06:08:02 PDT
Now that the Big Bond Bust has happened, as promised here, everyone wants to know how it happened. I want to know how on earth so many of them didn’t know it was going to happen — especially those who were supposed to be watching for this … including the regulators who were actively causing it? What follows are some of the reasons: Their hubris SVB had well over a year...
The dollar slipped on Friday after top U.S. power brokers including the government and banks threw a lifeline to a struggling regional lender to ease stress on the financial system, which returned some confidence to investors.
The government's response to the failure of two large banks has already involved hundreds of billions of dollars. So will ordinary Americans end up paying for it, one way or another?
SVB Financial Group, the company whose former subsidiary Silicon Valley Bank was taken over by the Federal Deposit Insurance Corporation last week, filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the Bankruptcy Court for the Southern District of New York to "preserve value."
China Unexpectedly Cuts Reserve Ratio For Banks, Injecting $73BN To Stimulate EconomyMar 17, 2023 - 06:00:00 PDT
Early Friday, China’s central bank surprised by announcing an unexpected cut to the amount that banks set aside for deposits by 25 basis points, vowing to keep ample liquidity in the interbank system and better fund the real economy.
Appearing before the Senate Finance Committee Thursday, Treasury Secretary Janet Yellen said in no uncertain terms that she does not think a Republican proposal for the U.S. to prioritize its debt payments in the event of a default is viable. The U.S. bumped up against the federal debt limit in January, forcing the Treasury to start taking “extraordinary measures” to make its...
The US Government Has ‘Nationalized’ the American Banking System: Kevin O’LearyMar 17, 2023 - 05:47:15 PDT
“What effectively happened over the weekend is that he nationalized the American banking system,” he told CNN, referring to U.S. President Joe Biden. “It's no longer a risk. It's no longer private in any sense. It is now backstopped by the government, ultimately the taxpayer.”