Gold fever: Signs of a major banking crisis are emerging

In a recent episode of GoudKoorts presented by Gold Republic, Bart talks about the current state of the economy and how it is affecting gold and silver. The video begins with a look at current prices for gold and silver, which are currently at €56,300 and €665 per kilo.

Deflation in China, Americans in debt

The most notable topic covered in the video is deflation in China. Although global inflation rates are still quite high, China is experiencing deflation. This is attributed to falling property prices and rising unemployment in the country.

China’s central bank, the People’s Bank of China, is likely to take stimulus measures to boost economic activity.

In addition, the increasing credit card debt in the USA is discussed. Debt recently surpassed the historic $1 trillion mark. This is taken as a sign of economic weakness as people are believed to be using credit cards to pay bills for basic necessities like rent and medicines.

Finally, the creditworthiness of banks in the USA is examined. Moody’s has downgraded six regional banks and is closely monitoring six national banks. This could point to a possible continuation of the banking crisis that started earlier in the year.

The possible impact on the price of gold

The above developments are a possible sign of financial chaos. One asset class that investors often view as a safe haven in such uncertain economic times is gold. Therefore, it is interesting to examine gold as a possible part of an investment portfolio.

Gold Republic, a Dutch gold platform, offers a welcome bonus to new customers. Every new customer who creates an account via this link will receive an account 1 gram of gold worth 56 euros for free. Want to read more about Gold Republic first? Read Gold Republic’s review on Crypto Insiders here.

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