Gold - Safe Haven

Investors go to gold in flight to safety after SVB rescue

Go to Gold

Gold hit its highest price since early February 2023 yesterday as investors move to gold during financial shocks such the SVB closure. Gold is always seen as a safe haven asset in such times of crisis.

Safe

Investors sought safety with their money at Silicon Valley Bank and Signature Bank seeking to ease systemic contagion fears. Depositors at both failed institutions will now have full access to their deposits as authorities stepped in to secure the banking system and prevent contagion.

Future

Stock futures initially opened higher Sunday evening on news of the government’s plans, but have since lost ground.

Concerns about the health of smaller, regional banks deepened after regulators shut down a second institution Sunday, Signature Bank. Many smaller banks watched funds move to the bigger more secure institutions further creating concern.

Gold intraday value touched around $1914.00

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