Gold Tops $2,000/oz On Flight To Safe Assets — 40-Year Breakout Next?

For the past 5 years, I’ve been beating the same drum when it comes to finances:  Gold, Silver and Crypto.

I’m a big fan of real estate too, but that’s not as easy for the average person to buy.

So I’ve been shouting from the rooftop about precious metals and crypto.

No, I’m not a financial advisor, but this is what I’m personally doing and I also report the news.

In this article I’m going to ignore crypto for the time being (although I have an overweight amount of it) and talk about gold.

Why?

Because it’s in the news again.

And for good reason.

When you see banks failing, and national banks and central banks backstopping failing banks like Credit Suisse, people tend to flock to “sound money”.

Or as I like to call it: God’s money.

So it’s no surprise this just happened:

NEW – Gold tops $2,000 on Credit Suisse buyouthttps://t.co/75qsTVhe2u

— Insider Paper (@TheInsiderPaper) March 20, 2023

Here’s Barrons:

Gold topped $2,000 per ounce for the time in more than a year Monday on haven demand as investors fretted over global bank fears despite the buyout of Credit Suisse.

The precious metal, seen as a safe store of value in times of turmoil, rose as high as $2,009.73 in early morning London deals.

That was the highest level since Russia launched its invasion of Ukraine just over one year ago.

Gold later pared gains to stand at $1,995, which marked a gain of 0.3 percent from late Friday.

The metal has jumped by almost nine percent in value since the collapse of US regional lender Silicon Valley Bank ten days ago.

“Continued fallout from the banking sector has seen a flood of money to gold” on “its safe haven qualities”, said Kinesis analyst Rupert Rowling.

European bank shares fell sharply Monday despite news that Switzerland’s biggest bank UBS has agreed to buy Credit Suisse for $3.25 billion.

More here….

Wow, look at that chart:

#BankingCrisis $Gold tops $2,000/oz for 1st time since March 2022 – Safe assets are the place people move their money to 👌 pic.twitter.com/v4i2O1se8Q

— Antony Welfare (@AntonyWelfare) March 20, 2023

This guy asks the question we are probably all asking ourselves:

“Should I have bought more gold?”

Is SVB the first in a set of dominoes of large banks to fall? The top 4 banks are showing huge losses with Bank of America in the lead for losses. It raises two questions in my mind:

1. Should I have bought more gold
2. Is this part of a larger push for digital currency?… pic.twitter.com/1nJxEAQyAM

— Bill Ellmore 𝕏 (@BillEllmore) March 11, 2023

From Investing.com:

Gold prices topped $2,000 for the first time in 11 months on Monday, as the collapse of Credit Suisse (SIX:CSGN) stoked fears of wider financial instability and drove investors to haven assets.

Gold futures in Europe rose as high as $2,014.90 an ounce, before retracing to be at $1,990.65/oz by 06:00 ET (10:00 GMT), up 0.7% on the day.

Haven assets such as bullion have performed strongly in the last three weeks, as three mid-size U.S. banks have collapsed, followed by Credit Suisse, a bank deemed by regulators to be a Global Systemically Important Bank (G-SIB). Credit Suisse is by far the largest bank to collapse in the last decade.

The rise in financial stability has convinced a growing number of investors that central banks will have to halt their interest rate hikes, for fear of triggering a broader financial sector crisis. That has brought bond yields down sharply, raising the relative attractiveness of gold, which doesn’t bear interest.

Two-year bond yields, which are typically sensitive to interest rate expectations, extended their sharp drop in morning trading in Europe. By 05:00 ET. the benchmark 2-year Treasury note was down 9 basis points to 3.76%. It’s now fallen 1.3 percent in the last two weeks. In Europe, meanwhile, the 2-year German note yield was down 20 basis points at 2.24%. It has fallen 1.2 percent since concerns about banks in the U.S. and Europe started to take center stage.

Analysts at ANZ said on Monday that gold should be able to defend its current level until the end of the year, as a slowing global economy and falling interest rates combine to support appetite for havens.

In the short term, however, they note that “recalibration of market expectations around the Fed Funds rate could keep gold prices volatile.” While a dip to $1,800/oz is possible, they argued, “Any dips below this should be short-lived, as opportunistic buying would likely emerge.”

Remember when Bank of America had no cash and direct deposits just didn’t show up?

No Cash everywhere,even Bank of America. 😭😭 pic.twitter.com/TTDiYn3bQt

— kingsman 👑 (@okehkings) February 9, 2023

Or how about when it happened again just a few days later to Wells Fargo…

Look at this:

BREAKING: Many Wells Fargo customers reportedly say their direct deposits and scheduled paychecks were missing from their online accounts this morning

— 𝕏 (@AlertChannel) March 10, 2023

BREAKING: Many Wells Fargo customers reportedly say their direct deposits and scheduled paychecks were missing from their online accounts this morning

— Insider Paper (@TheInsiderPaper) March 10, 2023

As always, I don’t leave you hanging.

I provide a solution.

There are many solutions out there but this is one of my current favorites:

A Faith-Driven, Conservative Precious Metals Company You Can Use With Your IRA!

For the last year, central banks across the globe have been buying up as much gold (and often silver) as they can acquire without raising alarm bells. Now, we see why.

The recent bank runs and ongoing collapse of the U.S. banking system was anticipated by the “elites” and the central bankers who run things behind the scenes. They saw it coming and knew the best way to protect their assets was through physical precious metals.

If you’ve been waiting for me to bring you a solution about what YOU can do to protect yourself and you’re family, I’m happy to introduce you to something I absolutely love!

Precious metals.

I just talked about precious metals this week with Bo Polny and now I’m bringing you a solution that you can utilize right away if you’re so inclined…

A faith-driven, conservative precious metals company is currently helping Americans tap into the rising precious metals market through self-directed IRAs backed by physical precious metals. And while this service is not unique to Genesis, their adherence to Biblical stewardship of money makes them singularly qualified to receive a sponsored recommendation from this site.

Unlike most companies offering similar services, Genesis deals only with physical precious metals. They do not offer “virtual” or “paper” gold or silver.

With Genesis and their depositories, customers can see and touch the precious metals that back their retirement accounts. When it comes time to take distributions, Genesis customers can cash in some or all of their precious metals or have them delivered to their door.

Central bankers aren’t slowing down. In fact, nations like China and even U.S. states like Tennessee are quickly but quietly buying up gold to back their own treasuries. When the writing on the wall is this clear, it’s understandable why these governments are moving quickly to get ahead of any potential economic catastrophes in store.

Working with Genesis is the best way our readers can explore the physical precious metals market through self-directed IRAs. It benefits us as well when our readers work with this America-First company.

Visit genesiswlt.com or call 866-292-0443 today.

Don’t wait too long, we might have more bank failures right around the corner.

You know what has NEVER “failed”?

Gold.  Precious metals.  Indestructible.

There’s a reason they call it “God’s money”.

Watch this for more:

Stay safe!