Top US banks to reveal $521 billion deposit drop, most in decade


cartoon image of gold piggy bank by Ed Stein“Deposits at JPMorgan Chase & Co., Wells Fargo & Co. and Bank of America Corp. are expected to have tumbled $521 billion from a year earlier, the biggest drop in a decade, according to analysts’ estimates. The decline — which includes a $61 billion slide in just the first quarter — comes as a late influx of cash following a crisis at regional lenders failed to offset the steady drain of customers to products offering higher rates.”

USAGOLD note: The lion’s share of the deposit drain is going into money market funds while a not-so-insignicant amount is flowing into gold and silver. Investors are attempting to protect hard earned savings.

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