After a turbulent weekend in the banking system, which included the closing of Silicon Valley Bank, the Fed, and the FDIC guaranteeing the deposits, and also concerns about other banks, there was a significant rally in gold and silver on Monday, as well as a lot of physical precious metals buying.
In this week’s physical silver report with Andy Schectman of Miles Franklin, Andy describes the conditions in the silver market, which just witnessed one of the heaviest days of buying the industry has yet seen. This perhaps is not surprising after seeing a stunning run on the bank that unfolded in just a few days and has left savers and investors concerned about how safe their money is in some of the banks.
Andy describes that customers were calling and in many cases cashing out their entire bank accounts in response to the events of the last few days. And with the markets raising the possibility that the Fed may now pause its interest rate hiking cycle at its next meeting on March 22, we’re set for what could be a continuation of the interest in the precious metals.
So to find out more, click to watch this video now!