Is it us, or is the de-dollarization campaign kicking into overdrive? Whether it’s because China sees weakness in the current administration or they just want to ditch the buck as quickly as possible, it is evident that the world is shunning the buck. According to Reuters, Chinese national oil company CNOOC and France’s TotalEnergies completed […]
Money
Fed Dallas Bank Survey: ‘Collapsed Silicon Valley Bank could be the beginning of more challenges ahead’
The Federal Reserve Bank of Dallas’ General Business Activity Index for Manufacturing in Texas remained in contraction territory for the 12th straight month in March. The regional central bank’s index clocked in at -15.7 this month, down from 13.5 in February, with the results suggesting broader business conditions are poised to deteriorate. Here is a […]
U.S. small banks suffer record deposit drop after SVB, Signature failures: Fed data
Are Americans waving goodbye to small banks? In the aftermath of the Silicon Valley Bank and Signature Bank failures and the U.S. government signaling that it would only come to the rescue of the big banks and well-connected institutions, depositors are right to be concerned. According to new data from the Federal Reserve, bank customers […]
Vladimir Putin: ‘We support the use of Chinese yuan in payments’
The de-dollarization push is on! Russian President Vladimir Putin announced during his meeting with Chinese President Xi Jinping on Tuesday that Moscow supports the use of China’s yuan in trade with African, Asian, and Latin American nations. “We support the use of Chinese yuan in payments between Russia and countries of Asia, Africa, and Latin […]
Gold prices top $2,000 in intraday trading as metal finds support from banking crisis
The banking crisis is making gold great again. In intraday trading on Monday, gold prices reached $2,014 per ounce. At the time of this writing, the yellow metal is trading at around $1,989. Gold found support from various factors: the banking crisis (investors seeking shelter), shifting interest rate expectations (sensitive to interest rates), and a […]