 |
| Above, an 1889 Morgan Silver Dollar. Photo by Armand Vaquer. |
A major bank in Silicon Valley collapsed, causing the stock market to drop over 300 points today. At the same time, the spot price for went up.
CNBC reported:
Stocks tumbled Friday as tech-focused lender Silicon Valley Bank shut down following losses in its bond portfolio, prompting the biggest bank failure since the global financial crisis and sending shockwaves through the banking sector.
The Dow Jones Industrial Average dropped for a fourth consecutive day, finishing 345.22 points lower, or 1.07%, to close at 31,909.64. The S&P 500 lost 1.45% to settle at 3,861.59. The Nasdaq Composite shed 1.76% to end at 11,138.89.
All the major averages capped off the week with losses. The Dow fell 4.44% to post its worst weekly performance since June. The S&P dropped 4.55%, while the Nasdaq lost 4.71%.
Perhaps this is why the silver spot market went up today.
According to Monex on today's rise in silver:
$20.56 | +0.42 | +2.09% |
I don't know the correlation between the stock market and silver's spot price today, but it is something worth keeping watch on.
To read more, go here.
No comments:
Post a Comment