The collapse of Silicon Valley Bank and forced takeover of Credit Suisse could be just the start of the banking sectors woes, one industry expert believes, with further banks likely to follow suit.
Author and CEO of Quill Intelligence, Danielle DiMartino Booth is an internationally recognised thought leader on monetary policy and economics. She says that more banks will fail, beginning with the US bank, First Republic which is on the verge of collapse. “[Big] banks have a long enough memory to not step in and buy these flailing banks. These banks are sitting in no man’s land, because nobody wants to say that they’ve failed… I think we are going to see more bank failures, because we have not seen the biggest banks step up.”
For investors, this means that now is the time to be bold on gold, with DiMartino Booth saying the yellow metal will outperform all other asset classes, including cash. She says investors should increase their allocation to gold.
Don’t wait for prices to increase further. Buy today.
