Banking Worries Extend Further
Spot pricing for Gold $AU2942
Spot pricing for Silver $AU34.87
Spot pricing for Platinum $AU1454
On the back of last week’s Credit Suisse failure, we are now seeing worrying signs from the Deutsche Bank and other European banks. Deutsche Bank’s shares plummeted up to 15% on news that their Credit-default-swaps widened, putting more pressure on how they are managing their debt. As Deutsche Bank fell, other Euro banks also felt downward pressure on their share prices.
As more and more people lose confidence in their banks, we’ll continue to see a domino effect on banks around the world. Regulators will start to look closer and ultimately only the strong will survive. While banks definitely have better balance sheets than during the GFC period, sometimes all it takes is a whisper for a house of cards to fall.
Gold and silver consolidated during the week and is still sitting comfortably just below the psychological $AU3000 line. As more economic news unfolds, both gold and silver are poised to move upwards again.
This Friday we’ll discuss US consumer confidence and other key metrics.
*Not financial advice, please do your own research prior to any investment decisions you make.
30 days of Gold pricing (USD)
30 days of Silver pricing (USD)
Market Sentiment 30 Day
Google trend positions for ‘Gold Price’. Easing back from a strong peak a week ago.
Twitter sentiment 7 days
Tweets around Gold Price decreased from 26,410 to 22,400 over the past week.
