"A society grows great when old men plant trees whose shade they know they shall never sit in." --  Greek proverb

Bidgear ad


It is likely that demand for physical metal could increase significantly in the months ahead. The futures market is already showing a massive move in the price of gold, which is knocking on the door of $2,000. It’s only a matter of time before this moves into the physical market. When it does, the Comex vault run will pick up steam.

UBS To Buy CS For $3 Billion As AT1 Bonds Get Wiped Out In Record Bail-In; Swiss Govt Grants CHF9BN Guarantee; SNB Offers $100 Billion Liquidity Backstop malterwitty Sun, 03/19/2023 - 17:52

Update (1500ET): We finally have a deal, and what was at first a CHF1 BN acquisition priceof Credit Suisse by UBS, which then rose to CHF 2 BN, has now cranked up one final time to CHF 3BN (US$3.25 billion), or 0.76 per share, specifically shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse. As part of the deal, the Swiss National Bank is offering a 100 billion-franc liquidity assistance to UBS while the government is granting a 9 billion-franc guarantee for potential losses from assets UBS is taking over, i.

The current banking crisis could not have come at a worse time for the Comex system. Inventories have seen massive depletion over the last 2+ years as investors have slowly been pulling physical out of the vaults. I have previously called this a run on the vault but labeled it as a stealthy one. As though certain investors did not want to raise the alarm, but slowly take possession while inventory was still available.

US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs MikeRivero Sun, 03/19/2023 - 15:30
UBS To Buy CS For $3 Billion; SNB Offers $100 Billion Liquidity As UBS CDS Begin To Leak Wider MikeRivero Sun, 03/19/2023 - 15:26

Credit Suisse and UBS have entered into a merger agreement on Sunday following the intervention of the Swiss Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA (FINMA). UBS will be the surviving entity upon closing of the merger transaction. Under the terms of the merger agreement all shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse.

Switzerland's largest bank UBS agrees to buy its rival Credit Suisse for $2BN with authorities rushing through a change in law to facilitate the deal as global market turmoil enters third week after collapse of SVB in the US MikeRivero Sun, 03/19/2023 - 15:01

UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion following urgent talks today.

The banking giant will pay more than 0.50 francs ($0.5401) a share in its own stock, far below Credit Suisse's closing price of 1.86 francs on Friday, FT reported, citing sources.

The Swiss National Bank has agreed to offer a $100 billion liquidity line to Credit Suisse as part of the deal, the FT added, citing two people familiar with the matter.

President Joe Biden has called on Congress to toughen penalties against the executive of collapsed banks.

Biden recommended that executives of failed banks should be banned from working in the banking sector again.

Signature Bank's prospective buyers must agree to give up all crypto business MikeRivero Sun, 03/19/2023 - 14:44

Signature Bank is on the market after being shuttered by New York state regulators on Sunday, but any potential buyer reportedly has to agree to a major caveat: no crypto.

Reuters first reported the development on Wednesday evening, citing people familiar with the matter. The Federal Deposit Insurance Corp. said bids for the bank must be submitted by Friday, the report said.

Banking Crisis: Warren Buffett Is on the Phone with the Biden Administration MikeRivero Sun, 03/19/2023 - 14:43

The sudden collapse of Silicon Valley Bank on Mar.ch10 caused the most serious crisis of confidence in banks since the Great Financial Crisis of 2008, which devastated the global economy and threatened to bring the financial system to its knees.