Member of the LBMA
Independent Authority for precious metals
After two weeks of volatility, has the mini banking crisis been averted? Markets seem to think so based on trading so far this week. After passing $2,000 per ounce several times in the past fortnight, gold has now settled at around $1,950 per ounce as traders take in the current banking conditions.
Following another chaotic weekend, markets seem somewhat calmer today following the dramatic buyout of Credit Suisse by rival bank UBS.
The collapse of Silicon Valley Bank last week has seen share prices slashed for many regional and mainstream banks around the world. While an outright banking crisis has so far been averted markets remain extremely tense.
Banks around the world have seen a ‘brutal’ sell-off in the past 24 hours, triggered by a share sale by Silicon Valley Bank that has caused a domino effect for the banking sector globally and has raised fears of a new potential banking crisis.
