Gold has surged to a new peak of £1,599.26 per ounce today, surpassing the previous record set in February at £1,592. Meanwhile, silver prices have also skyrocketed, hitting £21.66 per ounce, the highest it has been since 2013. With fear spreading across financial markets worldwide, it is possible that gold prices could surpass £1,600 per ounce and silver prices could continue to rise.
In the US, gold prices have increased by over 6% in the past week, reaching $1,930.52 today and potentially passing $2,000 per ounce in the near future. Silver prices have also seen a significant surge in the US, reaching $28.16 per ounce, the highest it has been in eight years.
Gold & silver have both shown significant gains this week following the failure of SVB, and the markets seemed relatively calmer on Tuesday after the Federal Reserve intervened to safeguard SVB deposits and HSBC purchased SVB's UK branch. However, the share price collapse of Credit Suisse today has once again placed bank stocks in the line of fire, leading to trading suspension on several shares due to sharp losses.
Credit Suisse's shares have plummeted by 27.7% in trading today, and their primary investor has ruled out further liquidity from them. The potential collapse of Credit Suisse would be another Lehman Brothers moment, which triggered the financial crisis in 2008. Fear is already spreading rapidly throughout the market, and the demand for precious metals, particularly gold & silver, has risen considerably.
It is uncertain how deep this financial crisis will go and how fast events will progress, but for gold & silver, this is another indication of a positive outlook. Given the current market conditions, it is difficult to imagine that today's new record will remain for long.
▪️Silver and gold prices surge amidst global banking crisis.
▪️Financial markets panic as Silicon Valley Bank collapses.
▪️Gold and silver see strong gains following SVB's failure.
▪️Credit Suisse's share price collapse puts bank stocks in the firing line.
▪️Credit Suisse's potential collapse could trigger a financial crisis.
▪️Fear spreads throughout the market as demand for precious metals rises.
▪️Uncertainty lingers as gold and silver remain safe havens in turbulent times...
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