There was a surge in physical gold and silver purchases following the bank run that led to the collapse of Silicon Valley Bank. And after the UBS takeover of Credit Suisse this past weekend, that surge has continued.
The concerns in the banking sector have left investors and savers unnerved, and as a result, they continue to take money out of the banking system and put it into gold and silver.
Andy Schectman of Miles Franklin reports that the past week has been the heaviest period of gold and silver sales he’s seen in the entire time he’s owned his business, which is consistent with what the other bullion dealers are experiencing as well.
Andy reports that his customers are concerned about the Fed and Treasury’s decision to guarantee large bank depositors, while leaving the smaller bank depositors unprotected. Which has contributed to the heavy volume, that’s raised silver premiums substantially over the past week.
So to find out more about the latest conditions in the retail silver and gold market, click to watch this video now!