Last week, the banking world went topsy-turvy when some banks had collapsed. While this resulted in major anxiety, there was one area of finance and money that actually benefitted.
That was in precious metals.
An article in Bitcoin.com (I have no investments or interest in bitcoins, but I thought the article was interesting) by Jamie Redman states that the banking crisis awakened a "resting bull market" in gold and silver. Those metals could see higher gains.
The article starts with:
At the start of the week, a troy ounce of .999 fine gold was trading at $1,813 per unit. Seven days later, gold rose 9.65% against the U.S. dollar to the current spot price of $1,988 per ounce. Gold’s rise comes at a time when confidence in the global banking system is at an all-time low, and five major banks have received bailouts. An ounce of fine silver also increased in value, rising more than 12% from $20.01 to $22.59 per ounce this week.
The rest of the article is worth a read. To do so, go here.
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