COTTONWOOD, Ariz.—Coin Heaven co-owner Gabe Wright saw precious metals demand rise to new heights during the pandemic, but nothing as spectacular as Silicon Valley Bank’s (SVB) collapse. “It’s getting real,” Wright said, standing behind the glass showcase filled with various silver and gold bullion, coins, jewelry, and sterling in his busy Cottonwood, Arizona, shop on…
Unease Over Banking Sector Turmoil Spurs Huge Demand for Precious Metals
Yellen: Government Could Step in Again to Protect Other Banks From Deposit Runs to Stop Contagion
March 21, 2023
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U.S. Treasury Secretary Janet Yellen on Tuesday defended government intervention in the banking sector and suggested that it may be necessary to take similar measures in case smaller financial institutions experience deposit runs that could lead to contagion. She also called the American banking system “sound,’ and said that overall “the situation is stabilizing” due to…
‘Australia’s Banks Are Unquestionably Strong’: RBA Assures Australians After US Banking Crisis
March 20, 2023
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The Reserve Bank of Australia (RBA) has assured the public that Australian banks are in a solid position despite the high-profile collapses of several global banking organisations lately. Addressing representatives of financial institutions across Australia during a debt capital market summit in Sydney, RBA assistant governor Christopher Kent said that while Australian financial markets still…
The Role of Newsom’s Diversity Mandates in SVB’s Failure
March 20, 2023
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Commentary In the wake of the Silicon Valley Bank collapse, many are questioning whether the bank was distracted by woke policies over its core mission of protecting depositors’ money. A lot of evidence has already come to light that it did. We must also examine the role California Governor Gavin Newsom played in the bank’s…
Silicon Valley Bank Broke 2 Simple Investment Rules
March 20, 2023
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Commentary The Silicon Valley Bank (SVB) collapse occurred because two simple investment rules were violated. The first is the simple overarching strategy of safety, liquidity, and then yield, with the acronym of SLY. The internal investment team reversed the order. They focused on yield, which requires going out longer on the yield curve and purchasing…
Too Wrong to Fail
March 20, 2023
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Commentary As the old saw goes, a banker is someone who lends you his umbrella when the sun is shining and then wants it back as soon as the first drops of rain fall. Hostility toward money lenders goes way back. In the Middle Ages in Europe, to deposit your money with one was unlawful,…
Not All Uninsured Deposits Will Be Government-Protected in Future Bank Failures: Yellen
March 20, 2023
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Not all Americans’ uninsured deposits will be protected by the federal government in the event of future bank collapses, Treasury Secretary Janet Yellen warned during a hearing before the U.S. Senate Finance Committee on March 16. “I can reassure the members of the committee that our banking system remains sound and that Americans can feel confident…
UK Financial System ‘Safe and Sound,’ Central Bank Says After Credit Suisse Deal
March 20, 2023
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Britain’s central bank has said the UK financial system remains “safe and sound” as it seeks to calm fears after the Swiss government mediated the merger between the country’s two largest banks to save Credit Suisse from collapse. Swiss investment banking company UBS announced on Sunday evening it will purchase its rival Credit Suisse in…
New York Community Bank Subsidiary to Buy Failed Signature Bank in $2.7 Billion Deal
March 20, 2023
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A subsidiary of New York Community Bank will purchase a significant portion of failed Signature Bank under a $2.7 billion deal with U.S. regulators, the Federal Deposit Insurance Corporation (FDIC) announced on March 19. The FDIC, an independent agency created by Congress to maintain a stable financial system, said that Sunday’s deal will see the 40 former branches of New…
Around 200 US Banks at Risk of Silicon Valley Bank-Like Collapse: Study
Nearly 200 more banks could be vulnerable to the same type of risk collapsed Silicon Valley Bank earlier this month, according to a recently published study. Researchers with the Social Science Research Network found there are 186 banks across the United States that could collapse if half their respective uninsured depositors withdraw their funds. The Federal…
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