Now into week two since the collapse of Silicon Valley Bank, two more regional banks were pummeled over a five day period. Western Alliance Bank and First Republic each dropped over 70% before being backstopped by the Federal Reserve and the U.S. Treasury.
This morning, new broke that the contagion spread to Credit Suisse, a global Swiss investment bank. This morning, Reuters reported that the bank lost nearly 25% of its backers as liquidity concerns mount.
On the gold and silver front at Phaup Metals, several fractional gold products, such as 1/10 gold Philharmonics, sold out. For these products, there is no indication when they can be restocked.
Phaup Metals will continue to stock products where we can that meet our criteria for sale:
1. Highly Recognizable to the market
2. High value to client by content
3. Lowest premium available